mommad asked:
I am looking to get a little more infomation on investing in real estate. I have talked to people who buy houses with no money down and end up getting cash at closing? Is it legall ? Are there websites to get solid concrete advise? I want to verify everything these people are saying. I would like to buy a property for rental purposes. Any suggestions or ideas?
I am looking to get a little more infomation on investing in real estate. I have talked to people who buy houses with no money down and end up getting cash at closing? Is it legall ? Are there websites to get solid concrete advise? I want to verify everything these people are saying. I would like to buy a property for rental purposes. Any suggestions or ideas?
3 Users Responded in " How to invest in real estate with no money down? "
It’s a scam. A lot of those people have been sentenced.
Start by reading Home Buying for Dummies
Yes its possible. I will tell you one way to do it, but there are many ways. One way is to find a house that some seller is desperate to get rid of. A house that needs repairs and the seller has no money to fix it or doesnt want to fix it. The house needs to be far below market value. For instance. Lets say houses are selling for 120k in a specific area. Then you find a house with weeds all over the place, needs lots of paint, maybe there are a few broken windows with boards on it. Seller only want 40k for the house because it needs so much repair. You go to whats called a “Hard money lender” This guy will loan you 65 to 70% of the after repaired value at super high interest rates like 15% interest and 6 to 8 points. So you get a loan for 78k, pay the seller his 40k and now you got 38k in your pocket to fix the house up.
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