Des Moines, IA (1888PressRelease)
April 24, 2008 - Anthony Chara was recently interviewed by Lance Hood, co-founder of http://www.successinsiders.com/ , and he spoke about seller financing and ways to invest using very little or none of one’s own money. He spoke about “no money down” transactions, and buying with OPM (other people’s money).
Seller financing, known as a land contract or contract for deed, is a great option to consider when investing in apartment buildings. Many investors have been very successful in this type of purchase, especially if they have credit issues and are unable to obtain conventional financing. Of course, the seller will probably require some type of down payment; he wants to be sure the buyer is at risk, to reduce the chances of him defaulting on the payments. Investors can team up with a partner, or several partners, to raise the amount of cash needed to get started.
Not all sellers are inclined to agree to this type of financing, because they either just don’t understand it, or they have concerns about the buyer defaulting on the payments. However, in today’s depressed real estate market, many will agree to it because they’re motivated to sell the property. Anthony also explained the tax advantages for the seller in a seller financed transaction. The seller doesn’t have to pay all the capital gains taxes up front if he isn’t paid off at the time of sale. He’s only taxed on a small amount, calculated on the total principal and interest payments received during each tax year.
Anthony Chara is a managing partner of ADG Holdings LLC, and founder of Wealth Classes of Colorado LLC. He owns properties in Arizona, Colorado, Florida, Iowa, Nevada, North Carolina, Oklahoma and Tennessee. Current projects include pre-construction and commercial land developments in Florida, apartment buildings in the mid-west, and several multi-million dollar condo conversions in Arizona. Anthony is one of many experts featured on http://www.successinsiders.com/ .
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