Posted by Tim on February 16, 2001 at 08:30:37:
Thank kind of confirms my beliefs. Thanks.
No money down techniques in today’s economy? - Posted by Tim
Posted by Tim on February 15, 2001 at 16:24:17:
I am new to real estate investing and I was recently speaking with a couple of realtors on the possibility of purchasing a multi-unit home with no money down. They both told me although no money down techniques are feasable, in todays “sellers-market” they are very rare. Most sellers would prefer not to get into holding a note for the buyer. They would rather wait for the next buyer to come along and purchase the home the conventional way. Is anybody finding this to be a true statement? I live in Bristol, CT so I don’t know if it’s true for this area or the whole country. Anybody have any thoughts? Sorry for the long-winded question!!
Re: No money down techniques in today’s economy? - Posted by george
Posted by george on February 21, 2001 at 20:45:19:
Hi Tim,
I live in Cromwell, CT and own a duplex in Middletown.
What the realtor told you is pretty much true, but even Carlton Sheets admits that at any given time 85-90% of sellers are inflexible.
As a clue though, I have noticed several “handyman Specials” for sale via realtors in Bristol. “Rough” handyman specials, owned by somebody who has a small mortgage or none at all may be willing to carry a short term note, since conventional lenders aren’t really interested in fixers. If its any consolation, Bristol still seems to have a few more opportunities available than the Middletown area.
Good Luck,
George
Re: No money down techniques in today’s economy? - Posted by Dave (CA)
Posted by Dave (CA) on February 16, 2001 at 16:14:32:
Tim, it really depends on the seller. A motivated seller will do just about anything to unload a property. Also, some property owners like to hold paper as they can get a better return on their investment that way. Finding the motivated seller is the key.
Re: No money down techniques in today’s economy? - Posted by TD
Posted by TD on February 15, 2001 at 18:08:13:
Realtors are looking to ensure that they get their commission. A no-money down deal might not get them the same payday right away that a traditional deal would - hence their reticience in doing so.
Re: No money down techniques in today’s economy? - Posted by Tim
Posted by Tim on February 22, 2001 at 08:30:30:
Thanks for the info. I have taken a look at some “handymans” and I think I’m actually going to put an offer in on a 2-family multi tomorrow. I think she’ll take it. I have found about 8-10 handymans around town and I’m just starting to investigate what repairs need to be made on those. Just out of curiousity, were you able to purchase your duplex “no money down”? How did you do it?
Thanks again.
Re: No money down techniques in today’s economy? - Posted by Tim
Posted by Tim on February 15, 2001 at 19:32:28:
Are you suggesting that I don’t go through a realtor when trying to purchase a multi-unit? Should I speak directly with the seller? I don’t have any problem with that. It’s just that I thought the realtor may have more connections than I do.
Re: No money down techniques in today’s economy? - Posted by Shaun
Posted by Shaun on February 16, 2001 at 05:47:54:
For most investors, a realtor is a hinderance, not an asset. While a realtor who also is an investor, should understand what you are trying to do and be able to assist you in doing it, the “average” realtor probably hasn’t a clue. If you have a choice, find one that understands, or deal direct.