Posted by Jim C on January 09, 2001 at 24:23:21:
I’ve heard about a no money down technique a while ago that someone told me on this message board. I asked about no money down techniques when flipping properties and someone told me about using my buyers money to do this.
I’m not sure if this is how it works, but this is what I assumed. I buy and sell a property with the same closing date and being that I have no money, I can just use the money at the closing that I will be getting from the buyer to pay the seller when I close. Is this how it works? I just don’t understand how I can pay the seller with money that I don’t have until I close with the buyer.
Or would I need to get the money from somewhere else before I close to pay the seller?
I’m just trying to get a better understanding of how this works. Sorry if this sounds confusing.
Thanks a lot!!!