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you are here: DentalPlans.com > Dental Health Articles > Real Estate > How to Create Wealth with Real Estate
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Updated: 3/20/2007 5:30:24 AM |
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 (ARA) - How do you envision retirement? Do you see yourself working until you're well into your 80s just to pay the bills, or would you rather have enough income to be able to spend time enjoying all that life has to offer? If you want the latter, then one way to make your dreams come true is by investing in real estate.
"Anyone can make money with my proven system," says Robert Allen, well known real estate expert, successful entrepreneur and teacher and the best selling author of five investment books. "Real estate is a stable, appreciating asset, where YOU are in control. It doesn't matter what the economy is doing; I can show you how to succeed in any market and any neighborhood, with no money down."
Allen shares his wealth-building techniques with others in his FREE Creating Wealth with Real Estate workshop, appearing in various cities throughout the country. By attending his workshop, you'll learn valuable strategies such as how to minimize risk when buying property. Here are just a few tips on how to protect yourself:
1. Assign the contract.
This is where you find a good deal and get it under contract, then find another investor who will purchase your contract from you for a fee.
Why, you ask, would another investor want to buy your contract? The answers are many, but the most common reason is because many experienced investors don't want to put in the time to find a good deal.
"They'd rather pay you $5,000 or $10,000 to bring it to them. Or let's say you find a house that needs a lot of work. If you don't have the money or the expertise to fix it up, it's perfectly legal and very common to assign it to an experienced rehabber who does," says Allen. "Everybody wins. The seller gets his money, you collect a few thousand dollars for your time and effort, and a more experienced investor steps into your shoes and actually purchases the property."
2. Use a contingency clause.
There are literally hundreds of contingency clauses you can use as the buyer. You really only need one to get you "off the hook" if you decide not to go through with the deal. Here are some of the more popular ones:
* This contract is contingent upon buyer receiving favorable financing.
* This contract is contingent upon buyer's inspection and approval of property before closing.
* This contract is contingent upon buyer's partner's inspection and approval.
Allen says knowing the right way to use contingency clauses like these gives investors more flexibility in pursuing potential investments and can buy important time in evaluating a property or finding the funding for the deal. How to find the funding for a deal is another topic covered in his workshop.
3. Get the deed.
Many buyers don't realize that they can receive the deed to a piece of property while leaving the mortgage in the seller's name. Although this seems to go against traditional thinking, not only is it legal, it happens all the time -- especially on distressed property.
Let's say a seller is behind on his mortgage payments, and does not have the financial means to bring them current. You, as the buyer, can agree to make his mortgage payments for him, if he'll sign the deed over to you. The seller -- faced with losing the house to foreclosure -- has very little to lose with this arrangement and much to gain. If you bring his payments current and eventually pay off his loan (through sale of the property), he owes you a debt of gratitude for rescuing his credit… and taking a huge weight off his shoulders.
Want to learn more free investment tips? Visit www.RobertAllenWorkshop.com to find a workshop near you and reserve your seat online. If you act now to get your complimentary tickets, you'll receive a copy of Allen's Special Report on Preconstruction Investing - as a BONUS. Take advantage of this limited time opportunity. You won't regret your decision to attend this life changing event!
Copyright © 2007, ARAcontent
ARA Content
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