How to Buy a Rental Property with NO Income and NO Credit
ฝัง
- เผยแพร่เมื่อ 30 ก.ย. 2024
- In today's episode, we’re going to discuss how you can get started in real estate with $0. Seriously. These are strategies we've used when we were beginners and still use to this day.
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Very cool, I love this idea.
Give it a go! Thanks for watching.
Creative financing usually rips someone off.
I’ve been in the real estate business several years now. This IS possible but it is NOT probable. It’s extremely rare you find a seller interested in seller financing with favorable terms for you rather than them. Most still desire a very large down payment to make up for the fact they have to carry the note. In due time if you search hard enough and talk to enough people it’s doable, but consider if you find one to be a one in a million.
Good info
It all depends on the person let's say he's old N paid off the property years ago let's say he wants to leave for a few years u never no
my friend found one and he has $3000 cash flow
This is called an installment payment. The deed stays in the sellers name until you completely pay off the house. A mortgage with a bank protects you more.
I was just about to ask this thanks. That’s crazy the property stays in the owners name
Not true. Sellers can finance, the deed transfers into your name with a lein, just like a bank loan, it's filed and you pay the title company each month. The seller can foreclose if you default.
FAKE good luck finding a house for that price then convincing someone todo seller financing then finding someone to pay that and then wishing they stay long enough to pull this off. NOT that easy if it was EVERYONE would be rich, think about it ya'll are so guidable
😂so true
Laundering. Just has to be juicy enough deal
It’s all easy. Sounds like you just suck at business deals and social skills. Everything you talked about is easy for people with good negotiation methods. Explains why a lot of socially weird/ awkward people stay in the bottom echelons of society. They don’t have the basic people skills to move up in the world.
Found my home for less. I went through a bank and didn’t need seller financing but it’s a good way to get around not qualifying for a bank loan
Daniella Ramos I caught that one, He said no down payment but he put down 5k hahahaha
He said no income and no credit, not no downpayment.
God has been showing me Texas for a while now and I’m questioning because I’m homeless and no money fr * sigh* then you mention Texas lol I know I gotta get out of my hometown fr this place is not for me I also been thinking Florida too 🙏🏾
Balloon payments are dangerous. Do your research. A lot of people lose their homes with those
How do they lose money? Explain please
If you know full well you’ll be selling the property, a balloon mortgage isn’t a bad thing. Just be sure to sell before that balloon period hits
I am trying to get into the real estate game and I was wondering how would you bring up owner financed option to a seller?
If they own the property free and clear. Main questions should be:
1. Are you willing to take payments over time for your equity to avoid the tax consequences?
2. Do you want nearly the same amount of cashflow without the headaches of tenants, management and repairs?
From the owners perspective this wasn’t very smart cuz he could’ve just done this himself smh 🤦🏼♂️ 😂
Awesome thanks for the great info
Thank you sir
No money but put 5k as a down payment. Make it make sense
I just no income. Anyone can find $5K if you try hard enough.
@@LegacyInvestingShow lol! Sure! Stop false advertising. If you need a small amount of capital just say that
👍🏽
Lies
@@DaniellaRamos If 5k is enough to stop you, don't get into real estate. Even basic jobs paying 4.2k-5.2k/month will be enough to save up if you reduce living expense
3.5% you must ha e very good credit
Seller financing is a tough one. It is never the first choice of the owners so you cannot get this deal in good neighborhood. Most of the times it applies to hard to sell (for whatever reason ) properties. For ex. A seller owes to bank more than the value of the property then he/she will accept it but the buyer is losing out by paying more or if the property is some location which is a very desired neighborhood.
How do you put down $5000.00 with no income?
now lets try this in Hawaii where we have half a mil crack shacks
What happens if you can’t get a renter? Or the hvac goes? Or there’s a flood? Over time this loses money compared to paying in full in cash. I don’t have the stomach for that.
No way...which guarantee does the owner have? No one will sell you a property like that.
It definitely seems like a pretty shaky concept
Dude why tf would he not just do that him self😂😂
This is very tough and your advice is incorrect. Lemme explain. you CANNOt find properties at 145K anymore. It will be a very small town in the middle of nowhere. Property is expensive everywhere. the owner will hold on to the title on the house until you completely pay it off so its technically not urs and usually they can revoke everything if you fall behind even a little. These properties that are only 145K will NOT rent for 2000. Sorry but ur delusional and misleading.
This involves trusting someone
Thats more rare than gold these days.
EEEEEXACTLY FC THAT!!!!
"You can buy a rental property with no income. First you get a 5000 dollar down payment" ????????????????
Now you refinance. Go buy another property. Whats the value?
What can the owner do if the buyer did not pay mortgage for 6 months?
I can tell you how to go to space for free
Become an astronaut at NASA it's about as useful as this video who's going to find a seller that's going to finance the home when you have no income and no credit I mean
So required an income, to earn the 5k, and then thanks to goodwill of seller, risked the sellers credit, for you to buy the house. So nothing in life is free, someone foots the bill.
Curious, why seller wants to sell his property if it pays $2000 rent per month rather getting $600 per month in mortgage interest?
These shenanigans are not a new idea. Lots of folks have ended up in prison or worse. Sounds great at first, but when things go wrong, they go really wrong.
Is the contract legally binding? Can the seller just change their mind(s) after the buyer has been paying..?
Yea, makes sense to sell your home and wait 20 year to be paid in full, you'll be dead by then😂
I'm pretty smart, but I wonder sometimes how people figure things like this out.
Dscr?!
Ballon payments are bs your giving the worst advice ever
So you have to trust the owner to pay the bank if he still owes on the property???
Something that can’t be repeated in the market 😂😂😂😂
Tell me more!!!
Tell me more!
Please Tell me more!!!.
In India it's hard to take loan at 9/10% interest rates.
Hmm? No income? Where did the $5k come from?
How do we find owner that are happy to finance
So you can rent it out ?? Or that’s a sublease
Don't do it it's a scam buyer beware
In India average emi intrest rate is 7%
without income, just 5k
Yeah. Balloon payment. No
Help, how can I start. I have a helc
This is so 3.5% interest rates ago.
I would love to know more
Sound extremely dodgy
Please show me how. Thanks
This is wholesaling
No home owner gonna do this for 3.5 average rate for owner finance is at minimum 10 percent 😂this dude is making shit up
You really can’t
This guy is genius 👏, . His mom mist be proud of his brilliant ideas. you find property that rents for 4K a month and buy it for 145K from seller who obviously don't know value of his property, and will give it to you cheap so you can make a lot of money. Brilliant 👏👏👏
Please stop
Lies click bait sheeeeeesh
No risk to the seller. He takes your DP, probably has a hefty penalty for a refinance, and you pay his mortgage(if he still has one). I f you default, most likely they won’t report you to credit bureau and just moves in to the next “investor”
Explain...?
This all makes sense to me. And sounds great. But what are the odds of finding a seller willing to do this? I’m not being negative, I’m genuinely asking. It seems like it would be an unusual situation.
In Canada ?
Show me how?
Of the seller changes his mind im sure the contract is binding but...these people that claim to teach you how to do this with no money or credit is lying....you jave to have decent credit and or a little money, several bands to invest...period
Cool
wtf
Fake
Bought the house I live in this way, a "30 due in 2," did that deal twice and after 3 years went to a conventional 30 yr fixed.
i wan to be your partner in doing real estate business....i have recently 1 property under contract from menard, texas ....and i want someone who will be partner in coming next deal so...we both can make more money in less time
Investors do this all the time and I’m very interested how do I get a hold of you for more information? Where to find sellers financing properties? 😊
Also, who is paying 2k per unit for that? Gurus always make it look simple
What happens when seller dies during contract
??
Thats where you got it wrong! Find a what ? Good luck guys!
What did you mean about amortized and balloon payment
Where in the hell are you finding $145K homes?
Thanks for your insight!!
Help me bro buy my first crib in da Bronx
I don't have social media ..how do I contact you
Isn't this also known as a lease option agreement?
I’m trying to learn Brawll as much as I can
i don't get it, can someone explain?
I'm going to do this with thousands of properties! thank you thank you thank you thank you thank you thank you thank you for this video confirming my plans!
That's a sweet deal ..😁
Good idea for me 😊
Can I take a course from you on this? I’m very interested in starting my real estate investing journey. There are just so many ways to dive into real estate it is a bit overwhelming
That is so rare.
IM INTERESTED TO LEARN