No Money Down, Really?!?!

[Angelo Goodwin]

I keep hearing on all of the podcasts that I listen too about how investors got started with no money down.  Which is extremely impressive to me and I would love to talk to someone who on here that was able to pull it off.  If you are in Philly let's grab coffee, if you are not I can send you a Starbucks gift card for your time LOL.

[Jerry W.]

@Angelo Goodwin, I kind of did it this year.  I bought a 4plex and the owners financed the down payment by carrying a second mortgage for the amount of the down payment.  Having a good relationship with the bank I used helped, and they were motivated sellers who I had helped out in the past.  They carried 20% as a second, I used a 15 year loan, so in 5 years I would be able to refinance and pay them off in full.  The sellers got the 20% down at 4% interest with interest only payments monthly, and a 5 year balloon.  Does this help?