how can I purchase a multi family property with no money?

Question

I'm just starting out in real estate investing and I would really like to start with multi-family properties. Can I do this with no money down?

Mike Baker · Answer

@Brandon Turners book is very simple to understand. Kinda like a 1st grade math test. Lol.

Actually I found it very helpful in creative finance ideas.

It was very well written, for being written by a "cat "guy.

John Hixon · Answer

@Anittra Davis

Check out @Brandon Turner new book.  It should answer any question you have about buying properties with no money down.  Here is the link.  http://www.biggerpockets.com/store

Other than that, spend a lot of time on the forums reading about creative financing,  Seller financing, sub to's, wraps.   There is a ton of info on the forums about all of these subject.  Also, connect with multifamily investors and ask them questions.  Most people on this site will go out of their way to help you out.

Eric Munson · Answer

@Anittra Davis - there are many ways to get into properties with little or none of your own money. Using other people's money to do deals is powerful but comes with risks if you do not have sufficient reserves and can lead to failure and having real estate be a huge burden instead of rewarding. Take the time to educate youself on the pitfalls of real estate investing .

FHA has mortgage programs that allow as little as 3.5% down on 1 thru 4 unit properties. Again, having reserves to get you through tough times is crutial to your success. Good luck.

Anittra Davis · Answer

Thanks! I will start reading today

Alan Callioni · Answer

You can find a property owner of a "C" quality property that is at least one of the following:

-Tired of landlording.

-Retiring.

-Has little or no equity, or is even slightly upside down.

Sometimes they can be persuaded to do one of the following:

-Sign a master lease with you.

-Sign the deed over to you "subject to" the existing financing.

-Sell to you on a wrap mortgage with alternative down payment collateral (a car, boat or timeshare in Mexico or even a 2nd mortgage on your home). If you don't have cash-you'll need to get creative!

There are many books written on these solutions for more detail.

You want the "C" properties because "A" and "B" quality owners likely won't be receptive to you--those properties sell themselves in this hot multifamily market. Stay away from the "D" properties (the ones in the "warzones" or very rough parts of town)

Good luck! Post further questions and your progress on this forum.

how can I purchase a multi family property with no money?

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