All Forum Posts by: Edwin Duran

@Brian Gibbons

"No Money Down" was actually written by Carleton Sheets

"Nothing Down" was written by Robert Allen

and

"No Down Payment" was written by Ed Beckley

just to set the record straight.

I know a little something about real estate books.

please go into the archives on BP and read about wraps and all inclusive DT's a long with contract for deeds etc etc. I could write a book on al the methods you can buy..

Waite a minute I did write a book LOL... In all fairness I wrote one for Australians on the perils of buying in ghettos in the US..

I am sure your not going to be doing that.. so just get on the archives and read up.

its very possible.. however most of the time the situation will be

1. the home is far over priced so seller willing to finance with no down.

2. terrible area or Ghetto area.

3. odd ball property that just won't move any other way.

4. bad market and seller wants to create cash flow.

I personally have sold with no down deals on my OREO.. I was out of state and just wanted nothing more to do with managing PM or tenants so preferred to sell.. But I usually get a token down.. I have sold a few of my OREO on BP with as little as 2 to 3k down and I carried the contract.. so yes it happens. But you have to hunt for them. And as markets tighten up those dry up.

@Edwin Duran

I'm a buy and hold investor so can't comment on the wholesaling part, but have bought HUD homes in the past. To get the property under contract I said to submit Proof of Funds (POF) from my bank with the offer, and $1,000 earnest money deposit in the form of a cashier's check.

Hope that helps and good luck!

- Tom

The OP is referring to a "split" HUD 1 closing statement. This simply means all the buyers fees, costs, and cash to close are on one HUD statement, and the seller's costs, fees, monies received, etc. are on a separate HUD closing statement, such that neither party sees the other party's side, also referred to as a Blind HUD's. It doesn't change the closing, or funds required by the different parties, in any way. It's generally used to "hide" the assignment fee that the buyer is paying, from the seller.

@Edwin Duran

Welcome. Take a good look at student housing see below.

Check out the Start Here page http://www.biggerpockets.com/starthere

Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having 50 past ones to catch up on.

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and (cash buyers) rehabbers.

Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook

Consider checking out HUD homes for small multi's owner occupied gets first crack.

You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

Good Luck

Paul