Is there any way to100% finance apartment buildings with no money down? Thanks

In Buying Property - Asked by Curt K. - Aug 9, 2010
Report Abuse
Answer this Question

Answer(s)

Crista L.
Lender/Mortgage Broker
Roseville, MN

Possibly. If you have other properties that are held free and clear or that have substantial equity, you could secure a line of credit or cash out term loan to use for the purchase of the new property.

Aug 9, 2010
Report Abuse
Theodore B.
Owner/Investor
Los Angeles, CA

As long as those properties are not in DETROIT...I have free and clear properties and I have not been able to get a line of credit on anything! Good luck, let me know how it goes, I also want to get into some apartment complexs as well.

Aug 9, 2010
Report Abuse
Ken S.
Broker/Agent
Lexington, KY

We have for example a retired fellow who owes zero and does not want to fool with a 8 unit property he owns. It's only 300K. He would owner finance if he trusted the buyer would not run it poorly.

Aug 10, 2010
Report Abuse
Mike R.
Broker/Agent
El Sobrante, CA

Yes I bought seven units this year, owner carried note for 30% of the purchase price. I got hard money at 10% for the aquisition. Hard money even gave money for rehab.

Aug 10, 2010
Report Abuse
DAVID B.
Broker/Agent
Los Angeles, CA

No.

Aug 10, 2010
Report Abuse
Van M. A.
Broker/Agent
Encino, CA

There is always some costs you'd need to cover. Real motivated sellers owning their properties free and clear can potentially carry it all, but would require some monies for closing costs. If small downpayment is required, you can introduce a partner with capital into the deal. A truly motivated seller will work with you -It's always best to acquire title under an entity.

Aug 11, 2010
Report Abuse

Welcome to Answers

LoopNet Answers is where the commercial real estate community shares what they know to help each other out. And it's all for free.

Ask a question to get advice from brokers, investors, professionals and local experts.

Answer questions to raise your visibility as a trusted advisor and build new relationships.

Ask a Question

Post Question