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10 "No Money Down" Ways to Buy Real Estate
Turn the Television on any Sunday morning and you'll find yourself in the middle of a "how to buy real estate" infomercial. Can you really buy a house with no down payment? Can you really make thousands or millions of dollars buying real estate. Of course the answer is "yes" and "no". The real question is, are you willing to pay anywhere from $500 to $5000 for the information, classes and hotline? Most important are you self disciplined enough to follow the program. Before you spend money on these expensive programs, here are my top ten "no money down" ways to buy real estate. If you're self disciplined and willing to hear the word "no" many times before you get a "yes", then maybe you can buy a house without a down payment. 1. First is to check out the many new zero down programs now available from lenders. Especially if you're a fist time buyer. Also FHA and VA have loans that may not be zero down, but are very close. 2. Borrow money for the down payment - Borrow the money from family, friends or a business partner at a high interest rate or a percentage of the profit when the property is sold 3. Raise the price and lower the terms - Offer the seller more than he is asking provided he is willing to accept the down payment in the form of a note. If the seller is asking $150,000 with $15,000 down and willing to carry the balance of $135,000. Try offering $155,000 in the form of a promissory not instead of cash. The seller gets a little more money for the additional risk. 4. Borrow against a life insurance policy - Many life insurance policy's let you borrow against the policy for the purpose of investing in real estate or other investments. 5. Use other property as collateral - Create a note on existing property that you or a partner own and use it as the down payment for the property you are buying. 6. Home equity loan - Home equity loans are generally easy to qualify for as long as there is adequate equity in the property. 7. Seller refinance - Have the seller refinance the property, receiving the cash he needs from the proceeds of the new loan, the buyer gives the seller a note for the balance of the seller's equity. 8. Find an investor - There are many people who have money but no time. Their current profession keeps them too busy. Work out a deal where they put up the money and you split the profits when you sell. 9. Lease with option to purchase - Lease a property with the right to buy it at some future time. Provide for the rental payment to be credited towards the down payment if you decide to exercise your option. 10. Give them something they need - If the seller is planning to purchase something in the future that you own or can buy, use it as a trade. This can be anything such as furniture, boat or motor home. About The Author Richard Massey is a note broker with United Financial Resources and a real estate investor. You can get more information at http://www.unitedfinancialresources.com or to read more articles go to http://unitedfinancialresources.com/news.html
MORE RESOURCES: Rules that helped set real estate agent commissions are changing. Here's what you need to know The Washington Post Landmark Settlement Breaks Up the Real Estate Cartel The American Prospect Top real-estate CEO sees decades of housing pain ahead: 'What the Fed did will have a 30-year tail on it' Yahoo Finance Five Ways Buying and Selling a House Could Change The New York Times Rules that helped set real estate agent commissions are changing. Here's what you need to know The Associated Press Refined Real Estate: Historic Queen Anne Polson House lists for $6,950,000 seattlerefined.com Real estate commission change shakes industry's foundation University of Miami: News@theU Seabold Construction Ties Demise to Dispute with Real Estate Developer Engineering News-Record Investigation underway after 44-year-old real estate investor seen on video firing shots off boat docked at Lakeview ... WSVN 7News | Miami News, Weather, Sports | Fort Lauderdale The Realtors' Big Defeat The New York Times Local real estate agents face uncertain future with new negotiation rules WJHL-TV News Channel 11 Central Texas housing experts talk impacts from $418M real estate settlement - 25 News KXXV and KRHD Central Texas housing experts talk impacts from $418M real estate settlement 25 News KXXV and KRHD What National Association of Realtors agreement means for Texas real estate KAMR - MyHighPlains.com Rules that helped set real estate agent commissions are changing. Here's what you need to know KXLY Spokane CrewBaltimore’s mission to accelerate women’s success in real estate Afro American Newspaper A luxury agent on how the NAR settlement will change his business The Washington Post Luxury's Latest Battleground: Real Estate | BoF The Business of Fashion National lawsuit could shakeup housing market, cut into real estate agent commission 11Alive.com WXIA What Seattle-area homebuyers should expect after national settlement The Seattle Times Swimmo Invest Opens up a New Chapter in the Real Estate Industry Markets Insider Cities Face Cutbacks as Commercial Real Estate Prices Tumble The New York Times Settlement will affect Iowa homebuyers KCCI Des Moines Once America's Hottest Housing Market, Austin Is Running in Reverse The Wall Street Journal Realtor group will pay $418M to settle commission lawsuits The Associated Press Illinois real estate: Home sales in Peoria, Tazewell, Woodford counties Peoria Journal Star Bay Area Real Estate Executive Charged with Wire Fraud, Identity Theft in Investment Scam - Hoodline Realtors Reckon With a Seismic Shift to How They Get Paid The Wall Street Journal Israeli real estate event: Legal complaints escalate NorthJersey.com Foreclosures Are Rising—Especially in This One State—but Not for the Reason You Might Think SFGATE Chicago Voters Face Choice on Tax to Fund Homeless Programs The New York Times What the death of the 6% real estate commission means in D-FW The Dallas Morning News Real estate lawsuit settlement upends decades-long policies that helped set agent commissions WQAD Moline Rules that helped set real estate agent commissions are changing. Here's what you need to know News10NBC Real estate commissions, unassailable for decades, could crumble after landmark settlement The Denver Post Is the Era of the Celebrity Real Estate Agent Over? Industry Reacts to Settlement That Could Slash Commissions Hollywood Reporter China's Real-Estate Market Just Set a Record—but Not a Good One The Wall Street Journal Manhattan Real Estate Update westsiderag.com National Association of Realtors Agrees to Slash Commissions to Settle Lawsuits - The New York Times The NAR Settlement's Impact On Commissions And Home Prices Financial Samurai Realtors Reach Settlement That Will Change How Americans Buy and Sell Homes The Wall Street Journal Pension funds snap up real estate at steep discounts Financial Times Rules that helped set real estate agent commissions are changing. Here's what you need to know Antigo Daily Journal A commission settlement may affect housing market 9News.com KUSA Agent Migration and the Power of New Mike DelPrete End of 6% real estate commissions could mean lower home prices The Atlanta Journal Constitution Artis Real Estate Investment Trust (OTCMKTS:ARESF) and Armada Hoffler Properties (NYSE:AHH) Financial Analysis Defense World A Look Into the Future of Home Buyers' Agent Commissions The Wall Street Journal National Association of Realtors to cut commissions to settle lawsuits. Here's the financial impact. CBS News Antitrust ruling rocks real estate: Buyers brace for shift in commission structures Straight Arrow News Blackstone, World's Top Alternative Asset Manager, Eyes Record Highs Amid Real Estate Bottom Investor's Business Daily 4 ways buying a home in D-FW may change after landmark Realtors settlement - The Dallas Morning News 4 ways buying a home in D-FW may change after landmark Realtors settlement The Dallas Morning News 4 Ways a Settlement Could Change the Housing Industry The New York Times Real Estate Stocks Drop As NAR Agrees to $418 Million Settlement Markets Insider Commercial Real Estate's Systemic Threat: Separating Fact From Fiction Commercial Observer |
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