- Real Estate Investor
- Novi, MI
- Votes |
Please forgive me if this has been discussed in detail before and posted many times over but I am really looking for honest answers to this.
As I am sure many of you know, many of these "gurus" out there preach that many of their students are doing no money down deals. They say they can help you get started even with no money of your own.
I know that no money deals do exist but I have questions about two specific types they refer to.
I have heard these gurus say one way to buy no money down is to for example go to a bank and get a 75-80% LTV mortgage and then get a 20-25% note from the seller thus in essence borrowing 100% of the money. Now is this real or is this hyper-inflated nonsense to get people to buy their products?
A second one they mention is 100% owner finance. This one seems like it would be very difficult to find and once again, my question is if this is a real option that actually happens?
I am really trying to figure out the truth from the crap in these stories of no money down deals.
(P.S These questions are relating to commercial property....in my case for what I am interested in, Self Storage)
Would these types of deal be possible/reality before the banks tightened their lending standards? Has anything changed regarding commercial funding related to these questions in the past couple of years?
Thanks so much for your time!