How do I buy realestate with no money down without buying someones "program"?
Answer:
Its nearly impossible to buy an investment property with no money down, unless the seller is asking far less that the appraised value.
Also, if you have no cash to put down how do you expect to improve the home? Do more research that asking questions here before you make that kind of investment.
It depends on your credit score you can get a stated income loan if your middle score is 620+ and buy 2 properties @ once by going thru 2 different lenders. You must target property that would pay for itself. Meaning: a 2 unit could rent for 1100.00 a month You find a build in your means where your mortage would be 1300.00 a month your over head is only 200.00. The higher your score the lower your rates.
GOOD LUCK
www.nva-mortgage.com/stated_in.
Check out this site.
If you don't want to come out of pocket with your own cash, then foreclosures probably aren't for you. On the other hand, if you use OPM, (which is doable), then you have something to discuss further.
For rentals, find motivated sellers who for a variety of reasons need to move. If they are telling you about the work they have put into the floors and window treatments, they aren't your customer. If they tell you, they are in the middle of a divorce, job relocation etc, you have something to talk about.
There are many websites that can help you. Start with your local real estate investment club or meetup club.
You don't have to buy somebody's program to buy property at zero down. All they tell you is how to use somebody else's money, not yours. However, there are some gov't programs that get you close to no down, like VA Home loans, Rural Farm/Housing loan programs, and so on. There are a lot of programs for the first time home buyer.
Now, if you are looking to flip property, that's different. I've taken cash advances from my credit card to buy property, fix it up and sell it before the first payment was due. I've also taken a second equity mortgage to use as down payments on two and three homes, flipped them and paid off the second with enough cash to never have to use any other method again.
The whole trick is to make sure the property you are buying is being sold way below market, and can be resold quickly with as little work and cost as possible.
For instance, I have found people who have had to move due to job transfers, left the home unsold, and after several months on the market, they were willing to sell it for what they owed. They didn't care about making money off the place, and from the outside, it was a stinking mess. I offered them an extra 25,000 at the sell if they paid closing costs, and no down. They accepted. I then borrowed 15,000 off my credit card and fully landscaped the place, did a little paint touch up, replaced the carpet and fully cleaned the house. A total cost of 12,550. The first mortgage at 179,000 and sold the place (escrow closing 41 days after purchase) for 310,000.
This is what you'll find in somebody's program. Instead, go to the library, read the same books for free. Then go and do it. It's not as easy as it seems, but then it's not that hard either. You mainly have to be on the constant lookout for the properties, and you just need the gumption to go out and actually do it. This IS one of those cases where it's easier said than done.
Best of luck to you if you are going to try this.
try www.jicinvestments.com they helped me acquire 3 homes and it's only $15.00. and it's well worth it. I have bought many of the well known real estate courses that were just to much money and hard to understand and hard to get started. This one is far from that.
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