I am brand new to real estate, I've been to a seminar and learned some basics. I have good enough credit to get my deal funded but dont have enough money to pay the down payment. What are ways i can get someone to pay my down payment for me? Is this a bad idea to get a loan and then also have someone pay the down payment for me? I have a house I want but dont have the money to do it, what are y'alls suggestions?
I'm new to REI as well but have been really digging in to the financing aspect of it. Some of the ways I've seen around here as in how you get the down payment are...
- Peer to Peer Lending (Lending Club or Prosper)
- Borrowing against an asset you already own such as a car
- Borrowing from a 401k
I'm absolutely sure there are other ways, but those are just some off of the top of my head.
I have heard of seller concession where basically the seller pays closing costs. That would cover that if your credit is good enough you might not need the down payment.