Why Not Use Investing Techniques to Purchase YOUR Own Home?

Question

I just wrote this artice on my site and thought it would be good to post here as it raises a great question...

I am now confident that if I were to lose everything (credit, money, assets, etc.), I could still find a home for my family to live in using the same techniques that I use every day for my investing. That is a very comforting feeling as I am making my way in this world without the (apparent) security of a

Natalie Wade · Answer

Does anyone have any idea of getting into a home that has been recently constructed?

Ryan Nguyen · Answer

Thanks so much for your advice..that's really really helpful....butwhere do i find a public record for example?

Nick J. · Answer

wow! way to bring up a 3yr old thread :-)

Abraham Cohen · Answer

Do you guys not already use investment techniques for your own residential RE purchases?
But thanks to ProHabber for pointing this out!

N/A N/A · Answer

I totally agree with this philosophy. I bought my own home "subject-to" and it was a steal. There wasn't a ton of equity in this particular deal, but who cares? Looking at price vs. terms, if I can get those terms I would get it at close to market value, as long as the payments were good. Like you said, it feels great to know that no matter what happens to your credit, you can find a place to live by understanding such techniques.

Jeff Takle · Answer

Go to your county courthouse General Clerk, deed of records, or City Hall.  Find the assessor's office, or check www.SearchSystems.net to see if they have the public assessor's records online.  Any of these will get you there. If you're still not able to find them, just call a city/county zoning commission / zoning board and they'll point you in the right direction.

Bryan Casteel · Answer

The best way to get a great deal is to find a MOTIVATED seller.  In your case, you would need to find a burned out landlord that just wants thier property gone.  The property may have some issues or the owner may have a problem or both.  Luckily for you, there are a lot of burned out landlords out there so you should be able to find one.  You need to get a hold of public records to find out who owns the multi-family homes in your area and then send each one of them a hand-written letter asking them that if they are interested in selling their place to give you a call.  If you are good with a computer, you can create the letter on the computer with a handwriting font and then print on an INKJET printer with blue ink onto a piece of yellowpad paper (just the regular old yellow pad paper with lines on it from the office store - take it to the service counter and ask them to cut off the very top of the pad that has the glue stuff that holds it all together).  That should save you a lot of writing.  You should still hand-address the envelopes and put a real stamp on it.

Your phone will probably ring off the hook.  You will get excited, but remember that MOST of the callers will not be motivated enough.  You are looking for someone that is desperate.  Trust me, when they call, you will know it - it is very clear.  Then go see the property and ask them if they would be willing to help get you into the property.  You could craft any kind of deal that you can imagine as long as they are motivated to make it happen

Ryan Nguyen · Answer

Hi ProHabber,

I'm currently renting a 1 bd, 1 bath Condo..for $1100 a month.  I know that's insane but it's in Orange County, California.

Houses here are 500k and above. Duplex and Four-plex are even more expensive.  My income is around 60k/year and I currently don't have any money for down payment.

Is there possibly any way that I can purchase a duplex etc. to stay and rent out 1 unit.  I'm willing to pay 1500/month on my part....

Please help cuz i'm kinda lost with this insane real estate price....

Ryan,

Jason Barnett · Answer

The only true security?  Opportunity.

Bryan Casteel · Answer

It is funny you say that.  One of the big motivations for me to take the leap from corporate sales to real estate was that exact quote:

"The only true security in life is lots of opportunity"

If you really think about it, that is a very profound quote.  It applies to everyone everywhere no matter the situation.