Posted by Bob Taylor on September 15, 2004 at 08:53:40:
Yes, you can do deals with “No Money Down” as I have done that, and, with money back at closing even. However, there are a few sellers of courses that will imply NMD, but, they in fact allude to Other Peoples Money, which is non of your own money down.
Yes, it becomes your money when you borrow it, but, you can do deals with No Money Down, non of YOUR MONEY DOWN. Sometimes that leads to negative cash flows and worse. You can, and, will get better deals with some money down, be it yours, or, someone else’s.
Investing in real estate with no money down - Posted by Cindy
Posted by Cindy on September 14, 2004 at 17:00:38:
Is it possible to invest in real estate without a down payment? I’ve heard you can use your 401k. My husband and I are a young couple trying to find ways to bring in extra money, we own our own home right now, does anyone have any ideas?
Re: Investing in real estate with no money down - Posted by Jay(OR)
Posted by Jay(OR) on September 14, 2004 at 23:18:49:
You might consider renting out your current house, and moving on to your next one. That way you can cover your current mortgage with the rent, and your job can get you a loan for the new house. Good luck.
Yes you can definetly do this. My partner and I are just about ready to close on our first rental property. I borrowed against my 401k to get the money needed and I end up paying myself back in interest so i’m actually making money by taking it out. We haven’t finished deal 1 yet and already we have an accepted offer on deal 2. The only thing that can limit your capability is yourself. Put in place some goals you want to accomplish and then go and accomplish them! Thanks to everyone on this site for all the assistance and guidance!