Buying a home no money down - Posted by David Funnye

Posted by louise on March 03, 2001 at 18:42:26:

What about a judgement and a credit limit of $300.00?

Buying a home no money down - Posted by David Funnye

Posted by David Funnye on February 20, 2001 at 14:18:19:

To whom ever this has worked for:
im really intrested in knowing if these programs
really work, to help me make my decission , please
be honest!

Re: Buying a home no money down - Posted by Mark Martinolich

Posted by Mark Martinolich on February 20, 2001 at 19:06:21:

I recently purchase the Carleton Sheets course. But several years ago, before I ever heard of Mr. Sheets I made a no money down purchase to buy some vacant land for house development by using $17,000 equity I had acquired in my home. I suppose this is what is called a blanket mortgage since both properties were secured by a single mortgage loan agreement. I did much of the labor myself in construction and this very day I closed on the new home and walked away with $18,000 at the closing, $38,000 equity in the new home and a great interest rate. I now hold title to over 20 acres of vacant land and the former home and 5 acres as well. When I initally bought the land, I did not have a job, nor any credit, just equity in one home.
At that time my net worth was minus $28,000, as of today my net worth is approximately $128,000 for an increase of $146,000. I was not really trying to gain weath, but only a nicer house…but I can see how wealth can be accumulated in this way…can you?

Re: Buying a home no money down - Posted by Surfdog

Posted by Surfdog on February 20, 2001 at 22:49:00:

David-I do it all the time. As a rehabber, I NEVER use my own money, either for purchase or renovation. I have used credit cards (I had a 3-4% teased rates for 6 months!), equity lines, refi/cash outs, etc. Point is, it is very possible. The more you are in the business, the easier it is to find OPM (Other People’s Money).