How to purchase a property with no money down please enlighten me

Question

I am very new to the real estate investing as of now. I am trying to figure out how to obtain a property with no money down if that is possible. Anyone who knows the steps I need to take to move forward I’d greatly appreciate it.

Charlotte Dunford · Answer

@Skylar Clark it is tough to put no money down. However, it is feasible to put very little money down. The lowest down payment I've put on a property was on a mobile home park I closed on in November, 2019. I put $12k down, seller financing with 6% interest rate, 3030-year amortized, and 5-year balloon.

Jonathan Greene · Answer

Why do you want to acquire a property with no money down and incur the debt and costs? If you want it for no money down as a strategy that's one thing, but do you have money saved for the costs of owning a property if something breaks right when you buy it and for inspections and closing costs and title? There are ways to buy property with no money down, but they are best used as a strategy when you have some leverage and savings.

Greg Dickerson · Answer

You ask the seller to finance you or give you a lease with the option buy.

Raise the down payment or entire purchase price from a private lender.

Account Closed · Answer

@Skylar Clark you have a nice shirt and tie but you take a selfie with the shower curtain?

To answer the question .. read the book

Skylar Clark · Answer

@Matt Honeyford I appreciate the valuable information I am going to put it to use. I have a nice amount of cash saved up.

Skylar Clark · Answer

@Dennis M. Thanks I appreciate the input

Matt Honeyford · Answer

@Skylar Clark

Find a property to buy that’s 80% of its actual value. For example; a $100,000 house for $80,000.

Buy it with cash; your cash or hard money.

Refinance it with a bank.

Make sure that the property can support the debt services during both phases.

Dennis M. · Answer

@Skylar Clark

You can do this several ways . If your broke I wouldn’t do it though . I’ve done this twice and it comes down to leverage . If your not going to have any money in the deal that leverage means you get the seller to finance it with no down payment based on your reputation or you get the place on terms and your partner puts up the down money . Several ways to achieve this but it requires leverage in some way .

Skylar Clark · Answer

@Mario J Perez I’ve been looking at mobile homes as well as single family.

Mario J Perez · Answer

What type of property are you looking at?

If house hacking, check out FHA 203K loans...

Hope this helps

How to purchase a property with no money down please enlighten me

How to purchase a property with no money down please enlighten me

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