Posted by youngsterz on October 21, 2003 at 02:25:21:
Tweak your thinking a bit for a moment and consider another angle on this. No money down can also mean that you don’t use any actual cash out of your own pocket, but that you use OPM from multiple sources. The easiest example of this is to use a home equity line of credit on your own house as the source of funds for a down payment on the purchase of a second property. Still a no-money down deal, and the net effect is the same as 100% financing.
You can also do this with OPM from other sources: Family money, hard money, credit card advances, whatever.
You’re right–it’s pretty hard to find a nice little seller financing deal where you really don’t have to come up with no money down. The more likely situation is that you have to learn how to use OPM from the main source – the big banks. They have a thousand ways to loan you money, you just have to play their games and get it from them.
Sure, look for the great 100% finance or seller finance or assumable deals, but in reality, they represent a very small fraction of the available properties out there, so why limit yourself?