Here are the holes in this scenario: Buy a habitable house in a decent area for next to nothing. Seriously, how likely do you think that’s possible? Maybe an uninhabitable house in a crummy area is more like it. You didn’t bother to mention your purchase price, just your selling price,so how can anyone tell whether this might be profitable? It’s good only in theory. And makes a good story for selling his course to naive schmucks who would beieve it.
I posted a similar question in the main forum not knowing this forum existed. Its been a while. I listened to a presentation by Larry Goins promoting a course. The technique used is to buy a habitable house in a decent area for next to nothing and owner finance it for say $30k. Then sell the note.
I like the technique in theory but I’ve been around enough to know that selling a note on this property is at least…difficult. And possibly so discounted that there is not enough room for a profit. He stated that these notes are sold for 70 to 80% of face value.
Rather then be negative and doubt that he is doing this…I would rather ask…how can you make this happen?
The buyer would have to have good enough credit that you could go FHA.I think the thing to do now would be to buy that same house,rent it and plan to resell when the economy turns around and prices go up
Here are the holes in this scenario: Buy a habitable house in a decent area for next to nothing. Seriously, how likely do you think that’s possible? Maybe an uninhabitable house in a crummy area is more like it. You didn’t bother to mention your purchase price, just your selling price,so how can anyone tell whether this might be profitable? It’s good only in theory. And makes a good story for selling his course to naive schmucks who would believe it.