Just interested to see if anyone has ever puchased real estate with 100.00 or less down. If so, what was your down payment after “effective date?”
I have just seen alot of information on little or no money down lately and just wanted to see if some of you were actually doing it.
Hi Bettysue,
There are dozens of ways to purchase properties with no money down. Some involve help from the seller, a lender, a partner, friends and family or equity in existing real estate. Some require good or excellent credit. Some don’t
Even if you borrowed from yourself it is considered no money down as you are using no capital of your own.
One example of a no money down transaction would be to buy a property using a conventional first mortage and using a home equity line from a current residence to pay the down payment and closing costs.
Another would be to use a credit card to finance down payment and closing costs.
Another would be to offer a 2nd mortage/note payable to someone to generate down payment and closing costs.
There are many other ways to do this also.
I got my start from the Carleton Sheets No Money Down program.
You can see some of my no money down properties on my website (in my profile and under construction)
A friend of mine has done this a few times. As a matter of fact he got the properties under contract for only $10 each time. Then he either wholesaled it out or rehabed it and then sold it.
It worked well for him.
Yes I agree with Jeffinct. You dont have to buy a house the conventional way any more. You just have to find a flexible seller who will agree with your term. They are out there in the market. Just make sure you do your cash flow analysis on the property and good luck…
Got you all beat. 
Years ago, I ran across a smoking deal on a preforeclosre in Falcon, Colorado. 5 acres, killer view of Pikes Peak (15 miles east of Colorado Springs) and the Front Range 3/2/2 FP, about 4 years old. Awesome potential as a horse property with it’s own stock pond. The gal had gotten divorced and moved back to the Springs. Underlying mortgage was $835, value of $140.000, payoff $112,000. Beautiful home for a country boy.
I had NO paper to write on so I wrote the contract on one of those long, 3 ply dinner napkins for the payoff on an 8 year lease for $835 starting in 60 days; borrowed another napkin to write out the assignable option executed by consideration of $100.00. I go to give her the hundred and find I had left my wallet at home!! I ended up digging through my car looking for anything.
I keep a pretty clean vehicle, but after several minutes of hunting, I finally found a scroungy looking coin buried deep in the drivers seat…yep, an ugly old penny. :-[
So I had to cross out the hundred on the napkin agreements. replaced $100.00 with $.01 and had her initial the change. To make sure the deal stuck, I borrowed yet another napkin and wrote out a receipt , had her sign it and date it…yep, for an ugly old penny.
I’ve never experienced such a mixed feeling of exuberance and embarrasment in my life.
Any consideration executes a contract, I learned from that fiasco.Since then, I’ve made sure I have a band of freshly minted GW’s in the glovebox at alll times.
Moral of the story? You never know when the next deal’s coming from…hell, I just wanted to sleep with the gal.
Dave
awesome story!!!
“…hell, I just wanted to sleep with the gal…” with a geat ‘create your own’ ending…
Yep, that beats all. Too funny. It can be done.
I guess in Real Estate it all can be done. What a story. And with a Penny… Incredible! Good Job!!