It is quite possible to buy property with none of your own money.
A hard money lender looks only at the security and collateral value of the property. They don’t care about the borrower. This allows the you to borrow even if your credit is no good and other lenders won’t give you any money. They charge more than regular banks.
These are both methods or ideas for investing but there are many other ways. You should use the resources you have. There are so many good ways to invest that practically anyone can do it if they want to.
Posted by Andrea Grant on March 06, 2002 at 06:36:02:
I’m just trying to start out so i’m trying to gather as much information as possible before i jump into anything. My question is can you buy a property and keep it for yourself or to rent out without using any of your own money upfront. Would this be a scenario where you use hard money?
Posted by KC Questions on March 06, 2002 at 13:46:44:
If I was looking to buy a property to keep for the long term, and I didn’t want to use my own money or credit, I would look for an owner finance or subject to deal. I would only consider hard money for a deal that I was planning to flip and there would have be a considerable amount of profit in the deal for me.