Something new in real estate investing
There really isn’t anything new under the sun, just old ideas making a comeback – but this is pretty close! A Chilean company is converting apartments to condos and essentially lease-optioning each unit to investors who lack the funds for a 20% down payment. It sounds a little like “rare coins from an excavated sunken ship,” but apparently it’s been going on in Chile and newbie investors are liking the concept. For the right investor/risk level it is an intriguing concept. Plus, almost any real estate investment is a good one if you hold onto it long enough!
“Cash” is king
What Seller doesn’t like a good cash offer? Buyers who can pay cash and close quickly have a better chance of winning in a multiple offer situation. That’s the strategy this lender takes – Buyer makes a cash offer, lender fronts the cash and closes on the house, then double closes with a new loan to the Buyer. It’s a pretty slick strategy, but not new. There are only a few lenders doing this already, but it could become more commonplace.
QUOTE OF THE WEEK
“I have not failed. I’ve just found 10,000 ways that won’t work.“
~Thomas A. Edison
See you soon,