No money down deals
- Thread starter rambada
- Start date
could we have more info. i don't get what you mean by no money down deals. i have bought several houses without putting any of my own cash in - simply have a loc against our wholey owned ppor out of which is paid the deposit and all expenses. therefore all money in the deal is borrowed and none of our own money down.
is this what you mean?
is this what you mean?
Sorry, I didin't explain it well did I. I've used what you are talking about before for all my previous projects. I am now looking for something a little bit different where the vendor leaves some money in the property, eg 20% for 5 years, with/without interest attached. Something where I don't have to access my own equity but can use that equity to service and buy multiple properties and have multiple projects underway. As a background, I am one of the buy, add value and keep genre'. Have also done some duplex projects and kept them.
Rambada,
What you are suggesting is one of the investing strategies taught by Rick Otton. If you wanted to learn more, it may be worth your time having a look at His Website .
He usually runs a seminar around this time of year on the Gold Coast.
asy
What you are suggesting is one of the investing strategies taught by Rick Otton. If you wanted to learn more, it may be worth your time having a look at His Website .
He usually runs a seminar around this time of year on the Gold Coast.
asy
Interestingly I have been reading some posts on the forum regarding neg equity due to a falling or stagnant market.
last week I hired a bus and took 18 students to view a property I am purchasing the following way...
The lady owes 345k on the property and offered to drop the price to 285k in order for me to buy it.
She would do this by paying down the mortgage at settlement with a further 60k loan from her primary residence.
I suggested she save herself the loan debt and the associated servicing of it and simply allow me to take the property with the existing loan attached.Also she would make a monthly contribution of 1k per month for 60months instead of the 60k upfront.
I now have the property and she has piece of mind
Her existing tennant being eager to one day own his own property is happy to not only pay the rent but also contribute more in order to be able to own the property one day.
between the two of them they cover all debts and give me a few hundred a month in positive cash flow on a property which was purchased with nothing.
The exit strategy on this property were several including simply holding the property until the market turns.
www.rickotton.com
last week I hired a bus and took 18 students to view a property I am purchasing the following way...
The lady owes 345k on the property and offered to drop the price to 285k in order for me to buy it.
She would do this by paying down the mortgage at settlement with a further 60k loan from her primary residence.
I suggested she save herself the loan debt and the associated servicing of it and simply allow me to take the property with the existing loan attached.Also she would make a monthly contribution of 1k per month for 60months instead of the 60k upfront.
I now have the property and she has piece of mind
Her existing tennant being eager to one day own his own property is happy to not only pay the rent but also contribute more in order to be able to own the property one day.
between the two of them they cover all debts and give me a few hundred a month in positive cash flow on a property which was purchased with nothing.
The exit strategy on this property were several including simply holding the property until the market turns.
www.rickotton.com
Similar threads
