HOW TO INVEST WITH NO MONEY DOWN
Hello,
I have been watching Grant Cardone videos for a while and he keeps bringing up the topic of investing with no money down. He constantly emphasizes that its all about finding the right deal and that investors will be happy to give you money to purchase it. What he doesn't explain is how do you approach lenders with this topic. Like how do I walk up to a lender and ask them to lend me money for this "great deal" with no money down.
What would be some lines you would use with a lender to explain this?
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@Masood Amin
Unfortunately it doesn’t work that way. If you have no experience and no $ I like to consider it the equivalent of walking into an airport and letting people know you have no training but will fly the plane today. How many are gonna get on that flight.
Quote from @Chris Seveney:
@Masood Amin
Unfortunately it doesn’t work that way. If you have no experience and no $ I like to consider it the equivalent of walking into an airport and letting people know you have no training but will fly the plane today. How many are gonna get on that flight.
I have about 200k Saved up. I was just curious how that works as Grant keeps mentioning it. I have been reading a lot of REI books so I wouldn't say I have no training, I have a basic understanding of what I am looking for and where I want to invest.
Only problem is I don't have a job at the moment, so if say I find a good deal... would a lender be able to lend me money if I have that "Good deal" if I have the down payment?
Hi @Masood Amin, when he talks about that, he is referring to bringing on equity partners that will cover the down payment.
They bring the money and you bring the deal.
It is better if you bring some money to the table so the other partners know that you have skin in the game.
As for how to get a loan if you have a down payment, you will want to use a DSCR loan.
This is where you get qualified based on the income generated by the property, not your personal income.
If you would like a referral to a DSCR lender, feel free to ask.
Hope this helps and good luck investing! Let me know if I can be of any assistance.
Quote from @Andrew Garcia:
Hi @Masood Amin, when he talks about that, he is referring to bringing on equity partners that will cover the down payment.
They bring the money and you bring the deal.
It is better if you bring some money to the table so the other partners know that you have skin in the game.
As for how to get a loan if you have a down payment, you will want to use a DSCR loan.
This is where you get qualified based on the income generated by the property, not your personal income.
If you would like a referral to a DSCR lender, feel free to ask.
Hope this helps and good luck investing! Let me know if I can be of any assistance.
yes ! Please refer me to some DSCR lenders ! Would greatly appreciate it