Investing With No Money Down
I recently attended the Robert Allen Institute and of course was taught about investing with no money down. I have been trying to put it into practice but have had no luck. Is there anyone out there that has been successful with investing with no out of pocket money?
I am new here but here is what I did on my first home purchase.
I found a home that was a foreclosure, it had been on the market for a year and half the asking price was $119,000.00 the market in the same neighborhood is around $169,000.00. The house had some problems but we made a bid for $119,000 and seller paid $5000.00 of closing cost. At closing we received a check for $532.00 because that was the difference of the closing cost. We did have to put up $500.00 earnest money but as you see we got that back. I probably could have gotten the house for less but at the time I was just looking for my first home with no money down.
Hi from north of Charlotte
Why do your payments get bigger every month? I hate to ask, but what is your monthly payment?
Who arranged the apraisal, you, your realtor, mortgage broker, friend, etc?
How are you financing the repair cost and how much will the repair cost?
You could sell it AS-IS on the MLS.
You could go to a local REI meeting and find a partner. If there is money in the deal, you should be able to find a money partner. I asked about the appraisal because he will want to get an appraisal and appraisals order by your realtor, mortgage broker, person who sold you the house, etc are very suspect.
Brenda