You don’t need any money to put down or any credit if you deal with MOTIVATED sellers.
In fact, you can even do better than no money down and no credit if your dealing with the right “MOTIVATED” seller!
You can actually get in with a couple of months free rent in a lot of cases.
Seller is motivated. They NEED out! You walk in and agree to solve their problem by agreeing to relieve them from their payments in 60 days from the date of signing your contract. Now you have 60 days before any payments are due to market the property or just move in and live there for 60 days free!
In some cases the seller may NEED some cash down. Then you just simply agree to give them the cash within 60 days while you find a suitable tenant/buyer. Once you find a suitable tenant/buyer, you use their cash that you get from them as their down payment to you. You pay the sellers what they needed and you pocket the rest! No money down, no credit, AND cash in YOUR pocket!
Can this be done? Does this really work? YES! Been there, done that!
If you click on the “How to Articles” and the “Success Stories” link on this site you can read about some of the deals that are done this way.
The key is not to look for houses, but rather look for MOTIVATED SELLERS! That’s where you will find the deals to get without credit or money down from your pocket.
I would appreciate any and all responses to this question. Allow me to explain in bried my siutation. I have serve credit trouble and am on my way to restoration. Here is a quick overview of where I am today:
Defaulted Student Loan - Already in the process of rehabilitating
Car Repossession - It’s been a year and almost have a enough to ask for settlement of 45% of total note.
Tax Judgement - Mail my last installment payment this week so my credit report should read satisfied in the next 60 days
Civil Judgement - Will be paying off in the next 2 weeks and asked that record me sent to court so that it will state satisfaction as well.
Gym Collection - Arranged for settlement and deletion.
Applied for new secure credit cards and received even though I’m not using them right now.
Saw two homes that I am interested in purchasing one for my residence and the other as an investment. However, since I am using most of my income to paydown or settle debt, I do not have $2500 or 5% downpayment money to get in. Will a motivated seller allow me without checking my credit to move in with 1st & last months rent as the downpayment and I just pay a little extra maybe $100 - $300 on the monthly charge to built up my deposit. Tell me can this work or what else do I need to supply in order to negotiate myself into a home. I’m more concerned about the home for my residence then I am about the investment property. Any advice would be greatly appreciated.
Thanks!