How to purchase building with no money
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Its one thing to do a no money down deal. Its another thing still to do a no money down deal when you have no money.
i.e. If you find a really good deal, you can use hard money and end up getting it with no money out of pocket. But the hard money lender isn't going to loan you money if you don't have money.
To me, I can think of a couple options you could try. But if you have no money and end up with the building, what are you going to do if you have some repairs pop up? I think thats a recipe for disaster.
But again, here are a couple of options for you and my recommended option at the end.
1) Take over the property Subject To the existing financing. You have to worry about the due on sale clause.
2) Owner financing. Its going to be pretty tricky to find somebody willing to seller finance a building to a college kid with no money and likely no credit (most college kids don't have an established credit history).
3) Partner up with someone that has money. Recommended way.
To me, this would be the recommended method for getting into a building. Find a partner with cash and then you find the deal. Not sure what percentage of the deal you would get. But 30% or so of something is better than 100% of nothing. Having a partner with money will also help alleviate the issue if you have to come up with any money for repairs.
Or if you really don't like the idea of partnering, how about wholesaling to help bring in the cash you'll need to take down a property by yourself?
I just don't think its likely you'll be add a building when you have no money. Even if you can find a killer deal, I don't see any hard money lender being willing to lend you the money to do it - again, because of the lack of reserves.