Investing Sr. Associate
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It really also depends on the program. I have some associate who are part of a very lucrative no money down program. Essentially what happens in this network is that we have one type of investor who has time and is willing to do work, but has little money. There is another type of investor who has a lot of cash on hand, or great credit.
The first investor goes out and looks for a very undervalued property and the second person shells out the cash for the downpayment. They flip the property and split the profits. Here is an example.
Investor A looks through a list of foreclosures and finds a listing. The seller of the house has $300,000 in debt and the bank is about the foreclose. Investor A approaches the seller and decides that the value of the house is $400,000. He offers the debtor $300,000 in cash for the house. The debtor agrees. Investor A goes to Investor B with the proposal. Investor B agrees that the house is worth at least $400,000 and shells out the $300,000. After a month, the house is sold for $400,000, which is $100,000 profit. The debtor is happy that his debts are paid. Investor A is happy that he put no money down and gets $50,000. Investor B is happy that he got an almost 17% return in one month on his $300,000 investment from doing little work. |
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