No Money Down.......HOAX - Posted by Kevin (Minnesota)

Posted by Jim IL on November 16, 2000 at 19:40:33:

James,
More details would be helpful.
How much is owed on the home?
What is the status of the home while in the estate?
Are there other heirs involved?
What is the home worth?
Repairs needed?
financing on the home?
Is it current?
Taxes?

I’m sure there are others here that could help you better, since I have limited experience with homes from estates of family memebers.

Good luck,
Jim IL

No Money Down…HOAX - Posted by Kevin (Minnesota)

Posted by Kevin (Minnesota) on November 13, 2000 at 16:21:50:

Dave Del Dotto, Carlton Sheets, and Russ Whitney all tell you that they can buy Real Estate with no money down. Buy my course and you can too they say. I went to three banks today and I need at least 10% down to buy duplexes or other rental property (with high interest). I need 3%-5% down if I owner occupy a duplex. So can someone explain to me where this no money down hoax comes from? I don’t wan’t to waste my money buying these real estate programs.

Re: No Money Down…HOAX - Posted by Gary (Minnesota)

Posted by Gary (Minnesota) on November 14, 2000 at 16:23:50:

This RE stuff works. I live in Minnesota and do these deals. They are not always “no money down” but they are “not my money down”. Like so many have said, read posts here and read books and it will work.

Re: No Money Down…HOAX - Posted by Bill Scott

Posted by Bill Scott on November 14, 2000 at 07:03:15:

Well Kevin, here in SW Ohio, there are several banks that will do an ‘80/20’…seller carries a second for 20%, bank finances 80…and you can put the closing costs on a credit card or pay for them out of the security deposits that will be yours. That’s pretty much a no money down deal! No money down doesn’t mean money doesn’t change hands—just that you aren’t having to come up with money out of pocket.

BTW—my first investment property was a foreclosed three family owned by Bank United out of Texas. They sold it to me with literally ‘no money down’, and I paid about $1500 in closing costs. There is no hoax going on here, you just have to find two things:

  1. Motivated seller that is willing to deal

  2. And/or mortgage banks/private lenders/mortgage brokers that can and will do ‘no money down’ deals.

Re: No Money Down…HOAX - Posted by Houserookie

Posted by Houserookie on November 13, 2000 at 23:58:15:

That’s why you invest in a course. It’s an
education!!!

I have yet to meet someone that can wake up and
learn no money down strategies.

Most people have this fantasy that no money down
means calling up the seller and tell him they
want the home for no money down.

That makes as much sense as buying a weight loss
product and expect to lose weight without
self determination.

Austin

Re: No Money Down…HOAX - Posted by Jim IL

Posted by Jim IL on November 13, 2000 at 18:19:43:

Kevin,
First, let me ask you this;
"Have you read and studied any courses at all?"
This is not a slam, so please do not take it that way.
But, if you enter into anything assuming that it will not work, then you are right.
Read here EVERYTHING you can and you will see that not only is it possible to buy homes “No money down”, but that many of us here do it on a regular basis.
I have NEVER gotten a bank loan during my investing carreer.
If you do want to buy homes conventionally using bank loans, then you are right, it is more likely that you will have to put some money into the deal.
I honestly cannot see a single reason why I should or ever would consider getting a loan in my name to buy a property, or to put any money into it.
That is unless I was getting that money right back out.

Read here on the board, and also EVERY article offered, and you will see that it can be done.
But, if you are STILL convinced that this is an impossibility, then you will be right.
Set your mind free and anything becomes possible.

Good luck, and welcome to this board,
Jim IL

Re: No Money Down…HOAX - Posted by James Fitterer

Posted by James Fitterer on November 16, 2000 at 13:52:32:

this caught my eye.im trying to buy my deceased mothers estate with N.M.D.i have bad credit so far all i get is lenders wanting to talk SCORES and other legal bank jive. i have studied this board for mounths,JIM.IL tell me how its done anyone for this deal i have in front of me is great,just need help getting past RED tape