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Getting your downpayment together |
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When buying a home, one of the biggest hurdles to overcome is getting together the chunk of cash needed at closing. Lenders insist that you put down something, and the more the better. Most lenders will require that you come up with at least a 5% down payment. They would prefer more, but will settle for 5% if that's all you have, especially if you have excellent credit and a stable job situation. Some ideas for gathering up that downpayment: a. Sell off your assets. b. Borrow against your assets. c. Ask your parents. Or another relative. Or anyone. d. Bring in a roommate or a partner. e. Rent with an Option to Buy. f. Look for Owner Financing & Be Creative. g. Build everything possible into the loan. h. Ask the real estate agent to lend you part of the commission. i. Save it up. No, I'm not kidding. If all else fails and you can't beg, borrow, or steal it, you can set yourself up on a disciplined savings plan setting aside, say, $500 a month until you have the money you need. Yes, prices may have risen in the meantime, but you'll be a lot closer to buying a home then than you are now.
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Upcoming Events
PowerHouse
2008
Three Great Topics in One Seminar
September’s all-new seminar teaches you three proven real estate strategies which are making money for investors today.
I call it PowerHouse2008, because it combines three workshops into one presentation. Here are our three topics:
Hour #1: REO, Rehab & Refi Workshop
Hour #2: Lease To Purchase Cash Machine
Hour #3: LLCs & Asset Protection
This 3 hour session is guaranteed to bring you up to date on the current market,and get you off your assets right away. Sign up now before these events sell out. Course handout covers all topics presented. Advance tickets are $69 for one, or $99 for any couple.
Tickets at the door are $100 per person.
- Saturday, 9/06, 2-5pm, Simpsonwood Conf. Ctr. in Norcross
- Tuesday, 9/09, 6:15-9:15pm, Holiday Inn Chamblee Dunwoody
- Thursday, 9/11, 6:15-9:15pm, Holiday Inn ATL Airport North
- Saturday, 9/13, 2-5pm, Marriott Century Center Hotel Atlanta
Detailed information is
available under "Seminars."
This program is approved for 3 hours continuing education.
The Real Estate Investor's Institute will be held at Emory University's Center for Lifelong Learning on September 20, 21 & 22, 2008. Make plans to attend.
Detailed information is
available under "Seminars."
This course is approved by the Georgia Real Estate Commission for 12
hours of Continuing Education Credit. Agents must bring license number.
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Essentials