Can You Really Buy Property with No Money Down?

If you've ever had insomnia and watched late night television you may have seen the infomercials telling you that you can buy real estate no money down. But can you really purchase investment property without having any cash? The answer is, "yes!".

Anyone can purchase property without having any cash, but it's not nearly as easy as the gurus die sünde. Can you do it even if you have bad credit??? Yes, but it's a whole lot easier to do it if you have good credit.

Money

In fact, with good credit it's easy to get cash when you buy. Here's how you can get paid when you buy a piece of property.

Example: Property is for sale for $ 100,000.

1. You ask the owner of the property to give you a note for $ 30,000 secured by other property you own or even as an unsecured notes(you can put a clause in the note SHOULD BE allowing it to be moved back to the subject after the closing).

2. You get a conventional loan for 75% of the sales price.

3. You ask the seller to pay your closing costs.

4. You ask the seller for a moquette tachée, dommage allowance of $ 2000.

Here's how the deal works;

-You buy the property for $ 100,000.

-You pay the bank on a $ 75,000 mortgage.

-You pay the owner on a $ 30,000 mortgage.

-The seller pays your closing costs.

-The seller pays you $ 2000 for moquette tachée, dommage.

If the property is rented out for $ 1000, you collect the rents and security deposits.

In the above example the buyer would walk away from the closing with a $ 100,000 property, $ 5000 from the over $ 2000 for the finance, moquette tachée, dommage, and$ 2000 for the rent and security deposit. That's a total of 00 for buying a piece of investment property. NOT TOO BAD.

Every seller Will be willing to do this deal with you? No, maybe only one in ten or twenty sellers will be willing to do this deal. But there are sellers who will do this deal. What you have to find is a motivated seller.

What makes a motivated seller?

-An owner who is in foreclosure.

-An owner who got the property as part of an estate.

-An owner who no longer wants to deal with tenants.

-An owner who is in divorce.

-An owner who has been transferred out of state.

Now that you've bought a property and put money in your pocket be prepared to deal with the tenants.

Good Luck!

Can You Really Buy Property with No Money Down?