Re: How can I afford to do a deal? - Posted by Jim IL
Posted by Jim IL on December 24, 2000 at 23:15:13:
There are just too many ways to buy property with “No money down” to go through it all here.
So, before I go on much further, let me tell you what I’m sure others here will soon.
BUY A COURSE or BOOK!
And, read everything here on this website that you can.
Trust me when I say that you can buy homes with no CASH from anyone.
I have done it, and continue to do it all the time.
I saw your response to the answer WilliamGA gave you.
Buying a home “Subject to” and “Assuming the mortgage” are somewhat alike, and maybe the same under some cirsumstances.
But, the subject to deal as discussed here does not include you assuming the mortgage.
When you assume, the note goes into your name.
When you buy a home “Subject to”, the loan stays in the sellers name, and title for the home goes to you, or some entity you create.
When you take a home “subject to”, it depends on what you negotiate with the seller as to when they get paid.
Frankly, most of the homes I have bought subject to, (like 95% of them), the seller got nothing but debt relief from me.
In other words, they deeded the home to me, I started making the payments on the loan which stayed in there name, and the seller got NO CASH!
Here are a few different ways in which I have bought homes with NO CASH:
- Lease Option (okay, controlled the home, not bought)
- Land Contract
- Subject to
- Seller carried financing.
- CASH buy, with someone elses money
And that is just a drop in the bucket.
So, read all you can here, and get some books/courses.
You will see quickly that it can be done.