Should I/How to buy house with no money down?(newbie help) - Posted by Vinny
Posted by Vinny on February 22, 2000 at 24:33:18:
I am currentley renting a house for over five years. The owner needs to sell the house because he can not get a second mortgage and needs cash for medical reasons. He has asked me several times if I want to buy and up until now I have declined. The main reasons I have declined are: haven’t had enough for a down payment, a “D” credit rating,not our dream house, misunderstood RDPD and thought I should only mortgage properties that give me a cashflow. He had listed the house in the fall and no one bought it. He had verbally stated that he’d rather sell it to me and would work on the price(cutting out realtor’s commission, etc) and even float my down payment. I am in a position to put a down payment on the house now, but I can also use the money for other investments and reduce some high interest debt. The reason I am asking for advice is: 1. We really don’t want to move in the winter. 2. we don’t want to miss a good oppurtunity. 3. we want to avoid making a major financial mistake. I am excited about learning all I can about creative real estate but before I get to that I must handle this situation. Any advice would be greatly appreciated and used. Thank you in advance for your time.