Wholesaler · Houston, TX · Member since 2013 · 57 posts · 5 votes
All,
just picking everyones brain right now for ideas. If someone does not have enough money to put down on their first deal (i.e. rehab, flip, rental, etc.) what are some of the options that can be explored? Any advice?
@Stefon Bostick Well, it's simple. You head off down to the nearest truck stop, and start banging on semi doors. Sooner or later someone will open up and ask you what you want. Mention that you want money...
@Stefon Bostick - There are tons of books on the subject by the so called "guru's". My first "no money deal" was achieved by reading and following Carlton Sheets. Most of what he was saying was simply ask a million people to give you their house and one will oblige but there was one method that stuck out to me was go to county or city and there are programs for home ownership with down payment assistance. Sure enough in my county they had one. I utilized the program (first time home buyer). I came out of my pocket for home inspection and something else but all together it came up to $1200. I used a 203K program which provided funds to fix up the property. At closing I walked away with a check for $1200, they grant reimbursed the money I spent. After a year I refinanced the 203K and pulled out $40,000 worth of equity. "No money down"