No Money Down - How To Buy Property With Nothing Down

If you have ever watched TV after about 11:30another bank for PLC and tell them that you're
at night, you've seen people talking about coursesgoing to make an invstment with money--and
on buying real estate with no money down. Theydon't tell ANY bank that you're doing a no money
show vacation paradises, gorgeous girls, fancydown deal!
cars, and huge mansions. All of this is promised to4) Payment over time-seller wants $5,000 down,
you if you buy their course on making a millionfor example. How about $400 per month for a
with nothing! If you want you can spend "onlyyear? You're still paying it, but over time-maybe
three payments of $99.99" to find out about thisthe property will generate enough extra money
exciting area...OR...I'll just tell you for FREE!Oneto pay this!
thing I must mention first, however, is that ANY5) Back taxes-I've done deals where I've taken
information, combined with NO action, producesover back taxes due--you can pay them off at
NO result. If I came over to your house andyour own speed, within reason!
showed you everything in person and answered6) Free rent-I've done deals where the seller had
all of your questions, and then you didoffice space in the building and took 2 years free
NOTHING.....it was a waste of time. Yours andrent as down payment! Can also work for multi
mine!! On the other hand, if you combinefamily.
information with hard work, persistence and, most7) Upon closing there are adjustments for that
of all, GUTS, you will be successful, whether youmonths rent--close on the 2nd or 3rd to maximize
buy the courses, read the books for free at thethis-and for damage deposits, taxes to be paid
library, or get the information from me, rightfor the period owned by seller, utility bills to be
here!I mentioned GUTS because there's a price topaid, etc. These can add up to a large amount!
be paid for everything. If you had a million dollars,8) Since the bank starts mortgage payments
you could buy an apartment building withoutone month from closing, simply by paying an
hardly any difficulty. Just pick out one that youinterest adjustment of 2 weeks allows you to
liked, had a good return, and passed a buildinguse the first months rent and apply the second
inspection.If you DON'T have a million dollars, whatmonths rent to the mortgage payment.
are you to do? Well get ready for some hard9) Borrow on insurance policy, stocks, bonds,
work, searching for the right deal. Get ready tomutual funds, etc. If you allow the bank to secure
have a whole slew of offers rejected, and maybethe collateral they will be very accommodating.
even laughed at. Get ready to hear some10) Rack up your Visa, Mastercard and American
pompous real estate agent tell you (as one toldExpres cards. A bit crazy, but I assume its a
me) "Son, I've been in the real estate businessgreat investment!
for thirty years now, and let me tell you, there's11) Borrow from friends, relatives, boss (holiday
no such thing as a no money down deal." Getpay?) Maybe even cut them in as partners!
ready to work on a deal and spend time on it12) Partners are a surefire way to get accepted
only to have it collapse.You're going to put in yourfor big bank loans, create enough down
down payment in the form of "brain sweatpayments, etc. Always look for people who are
equity". You're going to pay by acquiring moreinterested in this area, and ask them what
knowledge than others in the area of creative realprevents them from buying investment
estate, and by searching long and hard to findproperties. If its time, expertise, etc--then you
MOTIVATED sellers, ones who want to get rid ofhave a fit! All that's preventing you is money--and
their properties desperately and therefore areyou have found this great property haven't you?
willing to help you out. Most of all, you're going to13) Syndicate a group of people--say 9 investors
pay by enduring the inevitable "start-up glitches"and you get the last tenth for putting together
that ANY business or enterprise has. If it wasthe project--they will provide the financial strength
easy to do, then everybody would be doing it,for the loan, and maybe even the down
and there would be no properties left! It is thispayments! Anything is possible, remember? This is
difficulty that makes it EASY, once you knowa lot of work to find these people, but VERY
what you are doing!!OK, so here we go, but firstlucrative! Start with dentists and doctors, lawyers,
you need to know ONE thing: IN REAL ESTATEeveryone that you deal with!
EVERYTHING IS NEGOTIABLE!! Let me say that14) Rent to buy--maybe you make payments
again, because it is the linchpin of the wayfor 3 years and then have built up the
creative real estate works--in real estatedownpayment--meanwhile the property can go up
EVERYTHING is negotiable!What does that mean?in value, rents rise, and so on.
Are there any boundaries? NO!! Can you get15) Option to buy--Seller keeps title and gets all
someone to carry an agreement for sale for 25revenue. You simply pay a sum for the right
years with little or no money down and no credit(make it REALLY legal!) to purchase the property
check? YES!! Are there ten ads in the paperat a certain sum in X years. There could be a
offering just such an agreement, or one? Probablytrade for this option, example trade an item or
none! What does that mean? EVERYTHING isservice for the option.
negotiable! If you find a motivated seller, one who16) Lets make trading an item or service for
is paying every month to own that property, onedown payment its own idea!
who doesn't have the skills to fix it up, one who17) Foreclosure property--maybe just before it
moved out of town, or the country, then hegoes into foreclosure you offer to keep up the
MIGHT go for it! Notice that I did not say WILLpayments and give seller SOMETHING, SOMETIME
go for it, but MIGHT!Think of yourself when youfor his equity. (In a short while he's not getting
had a car that you wanted to get rid of, becauseanything!) Lots of work, lots of books and
it was a piece of junk. If someone approachedannouncement services available.
you and asked "how much?", you'd say "$1000,18) Fix up damaged property--work deal with
firm". But you knew deep inside that you justbank--example: as is it's worth $75,000, with clean
wanted to get rid of the headache!! And if youup and fix up its worth 100,000--bank offers
ever had to wait for a month or two with no one75,000 mortgage based on future value--you
buying your car, suddenly you were not quite sohave to do fix up--similar to sweat equity.
firm on the price! And if the alternator had to be19) Lease property (ie an office building) from
replaced before the car could run, pretty soonowner and sub lease it to tennants--must be very
you just wanted it OUT of your hands!! NOW,legal and usually needs strong rent up effort!
you're ready to accept monthly payments,20) Pay someone to cosign for a loan
maybe hold something as security, etc. You just21) Get realtor to carry his commission as a
want it GONE!It is the same with real estatenote--they HATE this, but if its needed..
properties! They go from being our pride and joy22) Balloon payment--nothing down, balance due
to an albatross around our necks--then we'rein three years
ready to do WHATEVER it takes to get rid of23)Private money from mortgage brokers--ask
it!These people aren't going to jump up and downthem about it! High rate of interest, but..
and say "I'm willing to take a no money down24) Refinance property either before you
deal for my property"! They are going to beassume it, or after
depressed, just like the fellow with a clunker in his25) Find a partner where he takes writeoff for
back yard, sitting there for months. They arenegative cash flow and you manage
going to need some convincing, but if you find theproperty--this can even work with buying your
"DON'T WANTER", the most difficult part is done!personal residence--investor is happy with $200
Then you make offers, look closely at eachper month negative cash flow in return for your
property to see if you can make a go of it (that'staking care of property, always a tennant (you)
a whole other report!) if you can get theand investor splits profit when selling.That's going
property--sometimes you don't want it either!to be enough to start some gears running in your
Then it is just a matter of making offers, eitherhead. The most important part is to keep trying,
in person, or through a realtor, until you findand to be creative. Combining parts of one idea
someone who isand another, and always probing for what the
ready to deal. The first time is the hardest,seller wants will lead you to solutions. Always
because no matter how many times I tell you (orprobe for ways to make both of you happy.
the TV guys) that it CAN be done, you are goingEveryone wants all cash, right now--not everyone
to think "not for me, not here in __________,gets it! Think of the junker car in the back yard
not any more, not with my areas laws and zoningand look for ways to HELP the other
regulations, not with my personality, not with myperson--they want to sell!Most of all, keep looking!
brains, etc."Don't you believe it! Look at all theIt is not a failure on your part if someone is
people in the TV commercials-all types andclinging to the hope that they'll get a certain price,
shapes-they have ONE thing in common--theyor certain terms. If they can-great!! If not, check
went out and DID IT!back in a few months. Many properties are still
ALL IT TAKES IS GUTS ANDsitting there and with a MUCH more receptive
PERSEVERANCE!!Here's the "stream ofseller after they have the property "sitting in their
consciousness" of ideas on how to buy withbackyard, rusting" (or racking up negative cash
$000.00 down, but keep in mind the whole timeflow and maintenance and property management
that IN REAL ESTATE EVERYTHING ISheadaches). Try and try again!Check online for
NEGOTIABLE!1) The simplest way to buy with nonew info and more opportunities, network with
money down is to get the seller to carry another investors, ads can be used to signal what
agreement for sale. Monthly payments for 25you are looking to find, partners wanted, etc. Go
years are possible if the seller has no need forto your public library for more real estate and
the money, and can be convinced to get hisbusiness information. Keep
6,7,8% return secured by his house instead ofyour mind working and searching--keep looking
buying a 4% bond.for properties and more information--one idea can
2) If you have good credit and want to put nobe worth a fortune to you --go to seminars when
money into a property, try a first mortgage,they come to your town--and the total adds up
Vendor carries a big second for remainder. Sellerto the "Eureka!" screamed in the middle of the
gets , say 75%, and carries 25%.night.Buying with a low down payment is obviously
3) Again with good credit, try first, smaller 2nd,much easier than buying with absolutely nothing
and a Personal Line of Credit fordown, so be sure to save up your money to
remainder--especially if the gap is only $10-15,000.make it easier for you. Even a no money down
This can even work for low priced propertiesdeal can require cash for legal fees, closing costs,
where the first mortgage is combined with a PLCetc.Best of luck!
for the remainder--be smart enough to go to