subject: William Tingle - The Real Story - What Does it Take to Make It in Real Estate? [print this page] If you want to make it in real estate, it helps to have a few qualities that separate you from the herd.
After all, a lot of people these days are looking for ways to make it in real estate - especially since a downturn in the housing market means potential "bargain" purchases when it comes to homes across the U.S. A lot of these people think within the traditional bounds of real estate - speculating, flipping, etc.
But what if there are other ways to make it in real estate? Other strategies to try out, other doors to be opened?
Well, there are. But before we get into that, let's take a look at the kind of qualities that make a certain type of real estate investor more likely to succeed than his colleagues or even business rivals:
Creative, "outside the box" thinking
A realistic approach to risk: unnecessary risks are bad but risks can also be necessary to doing business
A willingness to take on unorthodox agreements in order to ensure that things work out for both parties
There are, of course, other qualities that go into making a strong real estate investor, but for the purposes of this article, these qualities typify the kind of thinking that can go into a "Subject To" real estate transaction.
What is a "Subject To" transaction? In its simplest form, a Subject To is a transaction in which both the buyer and the seller of a home circumvent the traditional means of working out an agreement - for example, circumventing real estate agents - and agree to transfer property of ownership so that the buyer simply takes on the mortgage payments and expenses of the home without necessarily making a large, up-front investment.
How can this type of transaction benefit you? Well, it actually benefits both buyer - you - and seller. Consider, for example, someone who is in a lot of debt and simply wants to get out of a mortgage that's gone wrong. Someone who needs to move out for a job, for example, but doesn't necessarily have a lot of equity built up in the house might be another candidate.
As a real estate buyer in this situation, you can do them a favor by giving them a flat, up-front check, as well as signing an agreement in which you pay the rest of the mortgage payments. It means easy, up-front money for them - and what can be a total bargain for you.
Of course, you can't necessarily get rich going around and closing Subject To deals. But if you're a solid real estate investor, you can consider it to be another weapon in your arsenal.
William Tingle - The Real Story - What Does it Take to Make It in Real Estate?
