can you buy mutifamily property with no money down

buying two or three properties
In Buying Property - Asked by brian f. - Jan 6, 2011
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Answer(s)

John C.
Owner/Investor
Woodland, CA

no Brian, Ive been down this path before and you and I have listened too much to the late night tv gurus. YOU NEED MONEY TO MAKE MONEY. You need money to put down at the purchase deposit, you need money to pay the appraiser, you need money to pay the inspector, you need money to pay the private money/hard money lender his thirty percent down OR you need a property that has a BUNCH of equity you can collateralize. NO money means finding that ONE needle in the haystack with the old man man who is about to go into a retirement home who has no heirs and you happen to know him very well or your his neighbor and he likes you very much and will consider carrying a note (a loan) for you because he likes you and TRUSTS you AND even then as a good old fashion gesture of doing business he may ask you to put down maybe $1.00 to initiate the deal. Plus you will have to have cash to pay the title company fees to take care of all the paperwork for title work and etc unless you expect the nice man pratically laying down this deal to pay all these transaction fees for you - i wouldnt think so... you'd make the deal go sour. Just talking from 32 deals of experience and over a couple of hundred leads to get these 32 deals. You are finding the needle in haystacks. My two cents...

Jan 6, 2011
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Jackson M.
Owner/Investor
Calabasas, CA

There is a way to do a deal and not have to put any money into it. You would have to find investors to put up the down payment via syndication, you can find JV partners that would be willing to fund your deals. I actually know of one company that I've worked with that will put up 100% of the acquisition cost, they will pay 6 months mortgage (assuming your deal needs to be rehabbed) and they will pay all of the due diligence fees for you. Their interest rate is 12% interest only and you have to buy them out within 2-3 years so you better know what you are doing.
Hope this helps.

Jan 13, 2011
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Chandler M.
Broker/Agent
Covington, GA

NO!!!!!!!!!!!!

Jan 13, 2011
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