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I want to buy my first home wih no money or with seller financing?
In search of buildings, and I want to buy one aprtment building with no money. If theres someone out there willing to help me buy my first immeuble.CordialementPourquoi everyone takes this as a joke in earnest in the new Wyle, all I need is a mentor.Réponse
singlewkl32
the way of thinking that has millions of people in foreclosure and causing a housing bubble. Buy only as an investment property with a minimum of 20% cash down and positive from you. Do you have a long-term plan to own and spread from there.
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#2 written by Andrew M 10 months ago
Its really not that crazy of a question or an idea. Banks aren’t giving money out, especially the kind of money to put down on an apartment building. That being said, there are always current owners who are ready to get out of the industry and might be willing to do seller financing. I’ve been looking for courses about this stuff and this one was the best i’ve found so far: http://www.fortunebuilders.com/2008/08/07/than-interviews-apartment-house-riches-expert-dave-lindahl/
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#3 written by godged 10 months ago
You might be serious, but it is not going to happen.
You bring nothing to the table, no money, no experience, no owner is going to consider selling to you. A lender is going to require at least 10% down. Most owner financing requires 20% down. And no seller is going to want to hold your hand while you figure out how to be a landlord.
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#4 written by ibu guru 10 months ago
LOL. Comic relief for today! Owner financing? You’ll need at least one-third down — some want half down.
Commercial property loans have never been done with nothing down. In today’s market nothing gets done with “nothing down,” commercial or the 1-to-4 unit housing market. You need a minimum of one-third down for commercial property and always have needed that. In addition, for a commercial property loan, you need three years financials, plus 3 yrs pro formas, plus excellent credit, plus property management experience, plus a formal written business plan, and significant assets.
For a partnership, you need to put your half of the money, have property management experience, etc. No one is going into partnership with you without character references (e.g. mutual business & professional relationships), money, top-notch credit, experience, etc.
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#5 written by hiba 10 months ago
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gogded, the point of buying an apartment building or multi family is to make money, not to be a landlord. You hire a property manager to be the landlord. I took the course that Andrew M is referring to. I own 4 multi family houses now with one property management company taking care of all of them for me.
To get the money to buy these or to get around a large down payment, you have to get creative. Every situation is different, but in the case of my first multi family, i used an FHA loan which was only 3% down.
There is ways to get into investment properties. You just have to work at putting yourself around the right people (people at your local REIA, other investors, etc) and you have to get creative with things.