I recently went back and reviewed Carlton Sheets “No Down Payment” system, specifically the chapter on how to buy without using your own money, and sometimes it just seems a little hokey. Other times, I read it and think ‘ok, let’s do this’.
My question is, other than 100% financing, how many of you actually bought a property without using any of your own money, and how did you do it?
I’ve been through the process of buying a home already, with first time homebuyers programs that don’t require a down payment, but that doesn’t work for investment property. Plus, the mortgage companies I’ve worked with are very strict about the source of any monies you do have. So how do you get around that when you’ve borrowed money from other people for a down payment? From what I’ve seen, you have to get gift letters from those people which officially absolve you from having to pay that money back, otherwise the loan doesn’t go through.
I’d appreciate any input.