reo's

Extra ! Extra! Read all about it. Yes, you too can make your fortune in real estate. In todays economic times the Banks are actually almost giving the properties away to get them off their books. Banks hate to have "REOS" on their books. They need to move them fast!!! You have no money? You have no credit? Google "hard money lenders" and you will have all the money you need. You see, investors want to put their money to work at about 10-15 % interest per annum. Let's say you find a "jewel" that is priced at, let's say $50,000. It needs paint & minor repairs. The homes in that area are selling for $100,000 and up. You borrow money from a hard money lender at 14% interest. I know, that sounds like hi-way robbery. But you borrow enough to buy and fix the property. The repairs are around $8,000 the interest for 12 months averages $7,500. You borrow $65,000 to buy and fix tthe property, you sell below market at $95,500 and the pre-tax profit is $30,000. Now that 14% interest does not sound so bad now? does it?