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Idea: how to get rich buying real estate from your parents

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Abstract

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HOW TO GET RICH BUYING REAL ESTATE FROM YOUR PARENTS
with No Money Down & No Credit
+
HOW TO AVOID FORECLOSURE OR A SHORT SALE - Free
Using the Strategies in
How to Get Rich Buying Real Estate from Your Parents
with No Money Down & No Credit
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Internet Blog About the Book
How to Get Rich Buying Real Estate from Your Parents
with No Money Down & No Credit

Table of Contents Relevance to Realtors Overview
Back Cover About the Author

Relevance to Foreclosures and Short Sales Preface Note to Reader

Other Ideas When Your Parents are Not an Option

You can get rich from the equity appreciation of real estate by buying
real estate from your parents using traditional or creative financing
that may or may not require a down payment or credit. Whether you are
a first-time home buyer or an experienced real estate investor, you can
buy any type of real estate from your parents from a home you live in
with them to an investment property you rent out to tenants. In order
to get rich from the equity appreciation of real estate, you must first
buy real estate, and the following lists some reasons why you may find
it faster, easier and financially more lucrative to buy real estate
from your parents than anyone else.
You Don't Have to Buy an Entire Property
When you buy from your parents, you can purchase any percentage you
want, like 10%, 50% or 75%. If you pay less-than-full price for real
estate, you will have lower mortgage payments, and buying a house is
more affordable. Regardless of what percentage you own, you still get
the benefits of homeownership such as equity appreciation, mortgage
interest deductions, property tax deductions and capital gains tax
exclusions.
You Don't Have to Get a Loan from a Bank
When you buy real estate from your parents, you don't have to qualify
for a loan from a traditional lender such as a bank which has income,
asset and credit requirements because your parents can act as a bank
and give you seller financing for your purchases.
You Can Create Your Own Home Loan
When your parents act as a bank, you can get favorable loan terms by
structuring your own payment schedule with a manageable loan amount,
lower-than-market interest rate and repayment term of your choice.
You Don't Need a Down Payment
Unlike getting financing from a bank which has down payment
requirements, you can buy real estate from your parents with no money
down.
You Can Share the Responsibility with Your Parents
When you buy a partial interest in real estate from your parents, you
and your parents share the responsibility of owning that real estate
including the mortgages you each carry, the property taxes, homeowners
insurance or homeowners association dues, and maintenance. Because you
have more than one person responsible for a property, you can rely on
each other for financial strength in the event of hardship.
You May Get Property Tax Benefits
Depending on the state you live in, your property taxes may not be
reassessed at current values when you buy real estate from your parents
or grandparents because of a parent-child and grandparent to grandchild
property tax reassessment exclusion. This is a huge benefit when
parents and grandparents have owned their real estate for many years
and have property taxes based on the values of their properties at the
time they purchased them.
You Can Get Gifts from Your Parents
Your parents can give you cash or equity gifts toward your purchases,
reduce the principal amounts of any loans you owe them and allow you to
buy at a discount. Anyone can gift a limited amount of money in any
given year to any number of people they wish without having to report
it to the Internal Revenue Service. This is a way your parents can sell
real estate to you without you having to repay the entire debt you owe
them. They can also credit you money at the close of escrow toward your
closing costs by deducting the credit from their sales proceeds.
You Can Elevate Your Status from Renter to Owner
Are you already living at home rent-free or paying rent? Is so, why not
buy into your parents' house, since you already live there, and get an
equity stake in their property? Then, you are no longer living with
your parents but living in your house that you own with your parents.
If your parents have more than one property, you can buy into one of
their secondary or investment properties and live on your own.
You Can Turn Your Financial Supplements into an Investment
If you are supplementing your parents financially because they don't
have enough to live on in their retirement or for any other reason, you
can turn your supplements into an investment by buying real estate from
your parents and making mortgage payments to them. As a result, you
will have an equity stake in their property and the benefits of
homeownership.
You Can Get Benefits if You are a Real Estate Agent Buying from Your
Parents
If you are a real estate agent, you can get cash from your parents at
the close of escrow. If there is enough equity in a property to pay off
any existing liens and pay you a real estate commission, you can get a
traditional loan to buy an interest in your parents property and get a
commission for representing yourself as the buyer, or both you and your
parents as the buyer and sellers.
You Can Still Get Rich When Your Parents are Not an Option
If your parents are not an option to buy real estate from, consider
buying from other family members or non-family members as well as
purchasing a partial interest in real estate and using seller-financing
to facilitate your purchases. Also, think about joining forces with
siblings, friends, roommates or other buyers to increase your buying
power.
It May Be Easier to Buy Real Estate from Your Parents than Strangers
There is an abundance of resources right in our own families but many
of us overlook this fact because we are trying to achieve financial
success by ourselves. Because your parents have worked their whole
lives to achieve the real estate that they have, one of the smartest
things that you can do is build upon your parents' success
.
You Don't Have to Buy from Both Parents
For presentation purposes, most of the book assumes that you alone are
buying real estate from both of your parents. However, the material is
applicable to any deal in which you act alone, with one or more of your
siblings or any other buyers to buy real estate from one or both of
your parents or any other sellers.
Anyone Can Use This Book
The content of the book is geared toward transactions between children
and their parents because parents are more likely than anyone else to
agree to partial-purchase and seller-financed transactions with their
children, and they are more likely than others to give their children
financial gifts. However, the concepts and strategies can be applied to
any transaction.
This is Truly a How-To Book
This book will show you step-by-step how to put together these types of
transactions complete with amortization schedules, legal documents and
examples. If you need further assistance, there is a chapter devoted to
a discussion of professional advisors who can help you.
© Copyright 2009 All Rights Reserved
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