to buy the property as-is, so you won’t have to spend any money to fix things up. While a buyer’s cash might come from their own bank accounts, they might also have obtained a HELOC (home equity line of credit), used a self-directed RRSP, private or hard money from other investors, or even a loan from a bank that works with investors. (These loans are closed in at most two weeks, making them close enough to cash to count for these purposes.) One important thing to keep in mind is that you need to do your due diligence to make sure the cash buyer is legitimate. Research the buyer or the company they work for and make sure you talk to the person over the phone at a minimum (ideally, meet them in person). And while sometimes real buyers don’t want to see the house themselves before purchasing, this can also be a red flag that they’re scammers, so be sure to listen to your gut. I’m sure you’re wondering how to attract cash buyers. There are a few places to look. The best place to start is by using your network. Ask hard money lenders and real estate agents if they can connect you with any cash buyers. (Just know that agents might charge a small finder’s fee.) In addition, you can look for investors in classified ads. You also might have seen those signs or billboard-style print advertisements saying, “We Buy Ugly Homes.” In general, these companies pay considerably less, so it’s best to look for individual cash buyers instead.
3 Questions for you?
1,What is the key takeaway you've gained from this chapter?________________________________________________________
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