I am a NINJNA

3 Replies

First let me explain the above acronym. It stands for No Income,No Job, No Assets. It is not completely true. I have a minimum wage job at a local real estate office but I digress. 

I am wondering if it is possibly to get Private Money financing on a real estate deal (fix and flip) with no money down and no payments for 3-5 months. I am looking for a hard money type deal with out all of the cost involved. I am willing to pay 8-12% on the loan. I am looking at houses that even with the rehab cost still have LTV of around 40-60%.

Short answer is yes. Contact your friends and family and get a loan. Offer to pay whatever interest rate they want. Beyond that you are out of luck. Sorry. You will need at least 30% equity and likely 40%. Unless of course you have a solid track record with a lender then in which case you wouldn't be asking your question. 

No money down is a myth purported by people that sell seminars.

@Neil Aggarwal 

Why do you say that no money down is a myth and you offer 30 year notes on rentals with no points or origination fees?