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Updated over 6 years ago on . Most recent reply

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Dylan Tettemer
  • APO, AP
54
Votes |
168
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Buying a house with no money out of pocket

Dylan Tettemer
  • APO, AP
Posted
Me and my partner are starting to flip houses together in the Florida area with a partnership. However we don't have the cash on hand right now to put towards buying a house. So we were trying to find the most creative ways to do so without us putting cash into the deal. I came up with the idea of seller financing? I don't mind putting materials that I buy or paying contractors with a credit card if I have to. But finding a way to get that covered with the house would be great as well. I'm open to all ideas and really want to get this started. Thank you for any advice on the topic! Cheers, Dylan

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Steve Vaughan#1 Personal Finance Contributor
  • Rental Property Investor
  • East Wenatchee, WA
16,114
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10,254
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Steve Vaughan#1 Personal Finance Contributor
  • Rental Property Investor
  • East Wenatchee, WA
Replied

Firstly, thank you for your service @Dylan Tettemer.

When I was in, I saved well over 50% of my income.  All basic needs were met and I was getting  2 paychecks a month.  Hanging out with your broke friends with babes in bars and driving fancy cars is not the way to change your life.

All these creative ideas are great, but they are sidestepping the main underlying issue.  Being broke in your situation is a symptom of lifestyle.  By the time you're done running around trying to do a no money deal, you could have done something substantial. Could have done something many times over.

Sacrifice and save some money.  No restaurants, bars or malls unless you're working there.  No tattoo shops, no car payments.  It does not get easier when you have to pay for your own housing and food and medical care.   Best wishes changing your trajectory! 

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