HELLO EVERYONE,I AM A NEWBIE TRYING TO UNDERSTAND THE WHOLE SET UP OF A NO MONEY DOWN DEAL.I HAVE GOTTEN PRETTY MUCH THE CALCULATION DOWN,THE ONLY THING I DON’T UNDERSTAND IS HOW TO GIVE ESCROW MONEY WHEN YOU DON’T HAVE A DIME.HOW DO YOU GUYS GET AROUND THE IDEA OF SHOWING THE AMOUNT NEEDED IN ESCROW TO MAKE A DEAL MOVE FORWARD…I DON’T KNOW IF IT’S A CLEAR QUESTION.PLEASE HELP THIS IS WHAT’S HOLDING ME BACK.THANK YOU
You can get someone to do transactional funding for you or you can save your money and then start. You need to ask yourself why would anyone let you get in on a deal with no money? You have nothing to lose.
frantz,
First, unlock your cap key. It’s makes the conversations a little less intense.
Second, there’s a difference between ‘no money down’ and ‘no money’.
It’s unrealistic, if not unworkable to attempt to buy property with zero money involved.
It takes money just to find deals. It takes money just to look at deals. It takes money just to maintain internet service so you can access/send/receive information about a deal and/or communicate with a seller.
If you’ve got absolutely no money …not even enough to open escrow, then you need a partner with money, or a credit card you can tap, or something. Otherwise, you’re chasing ‘no money’ real estate investing unicorns. These only exist on late night TV… where you can find out how to buy with no money for only $29.95 plus two free gifts.
I used to use a gimmick ‘promissory note.’ It wasn’t valid until closing of escrow… I could write it for whatever amount I wanted. Yay! They were on a little pad with a photo of the US capital on them. So cute, and so stupid, too. I used them one time, and the agent told me to take a hike. However, you can learn those gems from TV gurus for $29 bucks.
PM me for a pdf I stole from Robert Allen about how to actually and realistically buy with no down payment. It provides a boatload options without a dime of your own money involved. Yes, you can buy with “no down payments,” but it’s gonna take something else to buy with “no money.”
Good luck. Hope this helps.
javipa,
On the $29.95 plus two free gifts it is three free gifts now. I think they did that to try and get the one’s with no money to take out a pay day loan.
Three gifts now!? My bad. :biggrin
Yes and they are trying to reel in the new comers. It is like selling Hadacol.
I’m waiting for someone to sell a course with “no money down” for payment on the book
I have a no money down book on Hadacol, Duck head, Mother’s best.
It is more like impossible. No one wants to get a deal without any money involved, especially when it comes to money. What I could suggest is that you could probably or should probably provide financial assistance or a loan to get a deal.