Posted by GL(ON) on April 04, 2002 at 16:06:51:
I live in Canada and find that some of the ideas seen here can be used in Canada and some can’t.You will probably find the same where you are.
The oldest example of nothing down real estate I know of took place in England, in the lakes district. Thomas DeQuincy (yes that Thomas DeQuincy) bought 2 houses using all borrowed money. The loan came due in 7 years. He couldn’t pay it and lost the property but he and his family had the use of them for 7 years.
There was another example of a nothing down house purchase in a book called At The Dog in Dulwich. It was a biography of a poet who gave readings at a pub called The Dog in Dulwich.
Long story short, one time she and her husband and her 2 children blew into town and started looking for a place to stay. There was a boom on and everything was packed out. That is why they were there in fact, he had secured a job at a big factory that was expanding and bringing in a lot of new people.
They were about resigned to sleeping rough in the park when a spiv took pity on them. He set it up for them to buy a house from a mate of his. He told the bank an inflated price and they gave them a loan, 80% of the fake price, which was in fact 100% of the real price, and they were in with nothing down.
Then they went to a local department store which was happy to furnish it for them on the never never. After all they were homeowners and he had a good job.
Then to pay for the mortgage and the hire purchase they rented out the spare rooms to lodgers.
All this thanks to the spiv, they didn’t even know they were born. In the end they couldn’t handle it and left to take up farming in Wales, on land they bought sight unseen, but that is another tale.