​Getting rentals with zero down

[Eric Gee]

Hey guys..

Trying to wrap my mind around this.

I heard about concept of getting homes with no money about of pocket because you find foreclosures and (I thought the word was) assume their mortgage.

The way I heard it was that the owner moves out, but keeps the mortgage going. You don't have to put any money down because your not qualifying for the loan.

You just find the renter to now offset that mortgage.

The owner gets out of their foreclosure status and their loan is getting paid on time now. Which helps their credit.

You're not taking 20% down to build your portfolio.

He says he did it with 30+ plus homes.

Has anyone else been successful doing this?

Looking to chat with anyone that has.

Thanks,

Eric

[Brandon McLean]

I know a guy who was doing strictly subject-to deals for years. Then in 2009 the banks called approx 20 of his deals' loans due and he lost almost his whole portfolio. Now he buys properties other "regular" ways, but will still take subject-to when they present themselves.