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Buying property with no money down? For real?
We've all seen the Carlton Sheets and others informercials. Yeah, I could spend a hundred-and-whatever bucks to get my answer, but I just want to know if this is really possible or just some very well done scams.
I get that the "system" mostly involves buying foreclosures, but even so, you still have to put money down or get 100% financing to purchase any property, foreclosed or not. It seems to me that this one little secret of buying without cash or loans is all they are really selling in those 4" thick manuals and DVDs. So without totally destroying the companies that sell these "systems," can anybody give me a subtle hint as to the nature of that one secret?
Has anyone here actually purchased a course and made money off it? Anyone here truly bought property with no money down, bad credit, and no mortgage loan? When you read the secret, did you slap your forehead and say "of course! It's so obvious!" Or was it a really complicated procedure?
Somebody gimme the scoop!
So if I understand so far, the probable "secret" is getting the seller to finance the purchase? What does that actually mean? The seller is selling in order to make money. How can they make money if I don't give them any? I would buy a foreclosure from a bank, and I can't see any bank EVER agreeing to a deal where they wouldn't make some cashola right off the bat.
6 Answers
- Anonymous2 decades agoFavorite Answer
Hi,
No, it's not a scam, it's just using real estate law and thinking outside of the box in purchasing real estate. Your best bet, is to read real estate investment books and websites (like www.reiclub.com).
And you're right, there is no way to OWN property without money (or some form of value), credit and mortgage, but you can CONTROL property without the three. You then sell the control of the property to other people or investors. You can OWN property without money and credit, but you'll need to have a mortgage because no one is going to give you a piece of property that is paid for free of charge. Here's your hint: "Assignable purchase option contracts".
Good luck to you. And by the way, it's not "of course! It's so obvious!", it's more like "Oh, I didn't know such a thing existed and that's how the rich got rich?". By the time you're done, you will never look at property in the same light.
E-mail me if you have any more questions.
Regards
Source(s): California Licensed Real Estate Broker and Investor - mikeyLv 42 decades ago
No. Most people don't apply the techniques wholeheartedly. I'm sure there are a few people who do apply it and get results.The knowledge gained is more useful but the application of the idea is what's important. You have to find your niche and apply your base knowledge to other avenues of investing. My suggestion is join a local Real Estate investment chapter and educate yourself in the many systems of investing in property. Take classes and network with other investors.You can buy property with no money down, and or sell the paper for a profit and never own it. There are many ways to structure an deal. With Real Estate you have to think outside the box. Once you do your first deal it gets easier and more challenging.
- 2 decades ago
YES it can be done. In fact I do this types of loan all the time but you will need a 580 credit score and have to go full doc (W2's or 1099) you need a 620 to go stated. I can do 100% plus 6% for closing cost with no pmi or mi. Also the higher the score the better the rate. If you have any questions please email at joohng@oldmerchants.com
Source(s): I am Sr. manager at a mortgage bank - Anonymous2 decades ago
Not sure, but my guess is they try to focus on motivated sellers and possibly having sellers finance the home purchase themselves. If they aren't in need of total purchase price up front, they might be willing to accept monthly payments from buyer. It would save time getting bank loan approved, along with eliminating closing costs.
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- 2 decades ago
the seminars you see on TV are for the most part, scams.
It is possible to buy property from a seller who finances the purchase without "money down" but this doesn't happen too often!
- 2 decades ago
CARLTON SHEETS AND OTHER PROGRAM DOES AND HAS WORK, BUT NOT IN ALL MARKET. THE MARKET FOR FOR THE MOST PART IT WILL NOT WORK.........
YOU SHOULD/MAY USE IT AS A GUIDE, BUT A GOOD REALTOR AND LENDER WILL SET YOU FREE.
NO MONEY IS NOTHING NEW...............WE DO NO MONEY DOWN @ 575 FICO SCORE.
GOOD LUCK
