Relevance to Foreclosures and Short Sales

How to Get Rich Buying Real Estate from Your Parents

If you or someone you know is facing foreclosure or having to short sale their property, you may get ideas from the book to turn your situation around. The concepts in the book are centered around the idea of joining forces with other people and working with not only your parents but anyone willing to partner up or work with you. Ultimately, it is up to the bank(s) that has a loan on your property what they will allow you to do but consider getting a family member to help you out financially as a way of stopping the foreclosure process or a short sale of your property. If you can’t get help from a family member, seek help from friends, co-workers, investors or anyone else with the written promise of a future return for them. You can work out a plan to repay them and can record a lien against your property to protect their interest. The banks ultimately want to see you make your mortgage payments, and if you can show in good faith that you’re trying to do that, you may be able to buy yourself time to get back on your feet.
Copyright © Christine Greene

Overview
How to Get Rich Buying Real Estate from Your Parents is a self-help book that demonstrates how 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 homebuyer or an experienced real estate investor, you can use the strategies in this book to 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.
It May be Easier to Buy Real Estate from Your Parents than Strangers
You Don’t Have to Qualify for a Real Estate Loan from a Bank
You Can Get Favorable Loan Terms
You Don’t Need a Down Payment
You Don’t Have to Buy a Full Interest in Property
You Can Share the Financial Responsibility with Your Parents
You Can Get Property Tax Benefits
You Can Get Financial Benefits from Your Parents
You Can Elevate Your Status from Renter to Owner
You Can Turn Financial Supplements into Investments
You Don’t Need Experience
Copyright © Christine Greene

About The Author
How to Get Rich Buying Real Estate from Your Parents
Christine Greene went from being $35,000 in credit card debt to owning $2,000,000 in real estate by buying a house from her mother and a house from her father using none of her own money. A graduate of the University of California, Los Angeles with a Bachelor of Arts in Economics, she is a California real estate broker with eighteen years experience in the real estate business. She began her career in commercial real estate as a research analyst for a retail research and marketing firm specializing in the development and repositioning of shopping centers. She then transitioned into residential real estate where she originates mortgage loans, brokers real estate deals and provides consulting services for the traditional and creative acquisition of real estate.
Copyright © Christine Greene

Preface Note to the Reader
How to Get Rich Buying Real Estate from Your Parents
It is seemingly impossible for many people to buy real estate because of high prices and the difficulty of qualifying for a mortgage loan. I was one of those people, and I was living in an apartment with the dream of buying a particular house that I could not afford. After weeks of trying to come up with a way to purchase the house without getting a loan from a bank, I finally found a way to do it with my mom’s help. Shortly after, I moved into the house of my dreams. I wrote this book to share my story with others so that they will benefit from my experience and get rich buying real estate from their parents too.
Copyright © Christine Greene

Table of Contents
How to Get Rich Buying Real Estate from Your Parents
About the Author
Preface – Note to the Reader
Dedication
Disclaimer
How I Did It
Overview: Why Buy Real Estate from Your Parents?
When Your Parents are Not an Option
Buy Now or Inherit Later?
Planning Your Estate
Professional Advisors
The Traditional Mortgage & Seller Financing
The Gift Tax Exclusion
Cash & Credits at the Close
The Applicable Federal Rate
The Payment Schedule
The Legal Documents
Transfer Taxes & Recording Fees
Property Taxes & Insurance
Mortgage Interest & Property Tax Deductions
Capital Gains Taxes & Exclusions
The Property Tax Reassessment Exclusion
The Role of the Traditional Mortgage
The Homestead Exemption
Presentation of the Deal
The Deal: Example Scenarios
Conclusion
Tables, Exhibits & Charts
Glossary
Index
Copyright © Christine Greene

Relevance to Realtors
How to Get Rich Buying Real Estate from Your Parents
Have you ever had clients that couldn’t qualify to buy a property? However, they could have qualified if they bought a partial interest in the property or teamed up with someone else to increase their purchasing power?  What’s more? How many more clients would you have if you negotiated partial transfers and encouraged multiple  buyers to invest together? You could target markets that include members of the same family, roommates since  they are already living together, and groups of people that believe in strength in numbers as a strategy for financial  success.  You could target sellers and determine their potential willingness to do a partial sale and carry back financing, especially those sellers who have been sitting on property for a long time.  Check for days on the market and expired listings.  You could also target potential clients who are in danger of foreclosure or having to short sale their property.  See if there are any family members who are willing to help out and get a share of the future equity in the property.  You will have to consent with any lenders on the properties and likely get their permission for any partial transfers of the property.  Where you come in as a real estate agent, you can negotiate the transactions and get paid a fee for your services.  The book will show you step-by-step how to put together these types of creative real estate transactions.  You will determine what you want to charge for your services.  The concepts and strategies in the book can be used not only for parent-child transactions but also for other traditional or creative real estate deals. For example, someone can buy real estate from family members other than their parents as well as non-family members and can team up with their siblings, roommates or other buyers to buy real estate from anyone.
Copyright © Christine Greene

Other Ideas When Your Parents are Not an Option
How to Get Rich Buying Real Estate from Your Parents
If buying real estate from your parents is not an option for you, you can still benefit from most of the information and strategies in this book such as the use of seller financing to buy real estate, structuring your own real estate acquisitions, the benefits of mortgage interest deductions, property tax deductions, capital gains tax exclusions, living trusts, gift tax exclusions, and cash and credits at the close of your transactions. You can also benefit from discussions regarding the homestead exemption, the calculation of transfer taxes, recording fees, property taxes and insurance, and the presentation of your proposed transactions to sellers. Also, when your parents are not an option, consider buying real estate owned by other family members or any other sellers with seller financing as well as teaming up with other buyers to increase your buying power.
Copyright © Christine Greene

Back Cover
How to Get Rich Buying Real Estate from Your Parents
If you can answer “NO” to any of these questions, this book may be just the thing for you.
Do you own real estate?
Can you qualify for a real estate loan?
Do you have good credit?
Do you have a down payment to buy real estate?
Can you afford a mortgage?
Christine Greene went from being $35,000 in credit card debt to owning $2,000,000 in real estate by buying a house from her mother and a house from her father using none of her own money. She will show you step-by-step how to structure creative- financing purchases so that you can get rich buying real estate from your parents too.
Copyright © Christine Greene

 

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