Buying Real Estate With No Money

Is it Really Possible to Buy Real Estate With No Money Down?

Copyright © 2008 Lex Levinrad

I have heard many questions over the years from students about whether or not it is really possible to buy real estate with no money down. The most frequent questions I get are from mortgage brokers and realtors. Since mortgage brokers are by definition trained to fund a loan based on bank requirements like 20% down payments, then by definition anything else seems to be beyond the scope of their possibilities. It has been my experience that many real estate professionals don’t seem to understand the concept of “no money down deals”. 

Firstly, the definition of no money down does not mean “no money down”. It simply means none of YOUR money down. It could be Uncle Bob’s money, the sellers’ money, or a loan from Aunt Sally. It could also be a credit line, a private investor, hard money lender or anyone else for that matter. It is very important to understand this concept.

Now, if you were to purchase a house and put down 20% which you borrowed from your relative, then you would have purchased the house with no money down.  You can call it 100% financing or whatever you want to call it. As far as the bank is concerned you put down 20%. However there is a problem with that since as many mortgage brokers will tell you, banks want to know the source of the funds. When they see that the funds are borrowed and that you have no “skin” (your money) in the deal then they will reject the loan.

So, what is an investor with no cash going to do to get around this problem? The solution is to borrow ALL of the money to purchase the house for cash. If you borrow from Uncle Bob all of the cash then you can be a cash buyer. Cash buyers are very rare today and if you are a cash buyer then you can buy bank owned REO properties at a substantial discount to market value.

But Uncle BOB is not going to feel comfortable loaning you money to buy a house unless there is substantial security for him. Since banks loan money at loan to value (LTV) ratios of 70% Uncle Bob might be especially cautious and only agree to loan money at 60% LTV. Is this risky for him? Well it is less risky than conventional mortgages that are funded by banks. Why is it less risky? Well firstly, conventional banks loan based on a mortgage application, a credit score and an appraisal. But Uncle Bob is a little smarter than the average bank. He actually can go out to the property and inspect it himself. After all, if you don’t pay him then he is going to get the property since he has the first mortgage.

So Uncle Bob is going to need to have enough knowledge of real estate to feel comfortable that if you don’t pay him, and he gets your house that he will have a deal. Uncle Bob is going to do his own comps and is not going to rely on an appraiser. Uncle Bob is going to spend days or even weeks investigating the property compared to the 30 minutes that an out of state loan officer looks at a file. If Uncle Bob is convinced that your deal is a good deal, then he is going to loan the money. If you are paying him 10% interest and the bank is only paying him 2% then Uncle Bob will make more money loaning on real estate compared to having his money in the bank. If Uncle Bob has done his homework then he will only fund a deal at 60% LTV or less. What this means, is that if he thinks the house is worth $100,000 he will only loan you $60,000 and no more.

Your challenge will be to find a $100,000 house that you can buy for $60,000. Being a cash buyer will make your job much easier because 99% of the buyers that are competing with you will be looking to get a mortgage. Currently it is very difficult to get anything other than an FHA or VA loan. Cash buyers are able to buy properties directly from banks for as little as 50 cents on the dollar. This is a once in a lifetime opportunity.

So start looking for “Uncle Bob” or anyone that you know that has money. Then once you have an investor lined up begin looking for wholesale real estate deals.

When you find a deal the mechanics will work like this:

House is worth                                 $100,000

You purchase for                             $60,000

Uncle Bob loans                              $60,000

Money out of pocket                        $0

Now that you own the house, you wait 6 to 12 months for something called “seasoning of the title” and then you go to your mortgage broker and you tell them that you want to do a refinance. You want to get a conventional mortgage at 7% to pay off Uncle Bob at 10%. The bank will require an appraisal and if you were correct in your initial assessments the appraisal should come in at $100,000. If the bank agrees to give you an LTV loan for 70% of the $100,000 appraisal, then they will loan you $70,000. Assume closing costs are $5,000, so after paying Uncle Bob back the $60,000 you are left with the following scenario:

House value                                     $100,000

Bank Loan                                        $70,000

Equity                                                 $30,000

Cash left over from refinance            $5,000

You just purchased a house with no money down. AND you now have $5,000 in your pocket and $30,000 of equity in the house. This is called distressed real estate investing. Your challenge is not finding Uncle Bob. There are many Uncle Bob’s out there. They are called hard money lenders or private investors. Your challenge is to find a $100,000 house that you can buy for $60,000. That is the hard part. To do this you are going to need to find a distressed seller. If you can learn how to do that then you will have no problem finding the money.

Beginner distressed real estate investors think that finding the money and having good credit are obstacles to their beginning to invest in real estate. This is not true. The biggest obstacle is education. Learn and understand how and why you can buy a $100,000 house for $60,000. Understand and know what a distressed seller is and why they would sell a house for less than its current value. Then go out and start looking for a deal. When you find one, give me a call. Maybe I will buy it from you. For more information about distressed real estate and the Distressed Real Estate Institute please visit http://www.lexlevinrad.com

About the Author

Lex Levinrad has been a full time distressed real estate investor since 2003. He has been involved in buying, rehabbing, wholesaling, renting, and selling hundreds of houses in South Florida. Lex is the founder and CEO of the Distressed Real Estate Institute, LLC, which has recently begun training beginning distressed real estate investors about how to find wholesale real estate deals. Lex is an active buyer of real estate throughout the state of Florida and is doing deals every day through his companies Lex Holdings, LLC, and www.lexbuyshouses.com. For more information about distressed real estate and the Distressed Real Estate Institute please visit http://www.lexlevinrad.com

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Are You Dumb Enough to Be Rich?: The Amazingly Simple Way to Make Millions in Real Estate $18.95 "No investment strategy has created more millionaires than real estate. Even in less-than-stellar economies, real estate offers a "safe harbor" to people wishing to make smart, low-risk investments. And now there’s a foolproof, step-by-step system even financial novices can use to achieve wealth and financial freedom. Are You Dumb Enough to Be Rich? gives people the resources and information they need to make serious amounts of money from buying and selling real estate. This essential book walks readers through the entire process, providing them with a 120-day plan for starting down the road to building real estate wealth. Too many real estate books focus on stories and unlikely examples about how other people became rich. Are You Dumb Enough to Be Rich? offers real strategies on finding the best opportunities, avoiding the common pitfalls of real estate investment, and building personal and professional credibility. Straightforward and easy-to-follow, the book empowers readers to take their first tentative steps toward real estate investing with confidence. Are You Dumb Enough to Be Rich? demonstrates that it doesn’t take a genius to make money — lots of it — in real estate."

Are You Dumb Enough to Be Rich?: The Amazingly Simple Way to Make Millions in Real Estate $0.99 "No investment strategy has created more millionaires than real estate. Even in less-than-stellar economies, real estate offers a "safe harbor" to people wishing to make smart, low-risk investments. And now there’s a foolproof, step-by-step system even financial novices can use to achieve wealth and financial freedom.Are You Dumb Enough to Be Rich? gives people the resources and information they need to make serious amounts of money from buying and selling real estate. This essential book walks readers through the entire process, providing them with a 120-day plan for starting down the road to building real estate wealth.Too many real estate books focus on stories and unlikely examples about how other people became rich. Are You Dumb Enough to Be Rich? offers real strategies on finding the best opportunities, avoiding the common pitfalls of real estate investment, and building personal and professional credibility.Straightforward and easy-to-follow, the book empowers readers to take their first tentative steps toward real estate investing with confidence. Are You Dumb Enough to Be Rich? demonstrates that it doesn’t take a genius to make money — lots of it — in real estate."

Are You Dumb Enough to Be Rich?: The Amazingly Simple Ways to Make Millions in Real Estate $12.24 No investment strategy has created more millionaires than real estate. Even in less-than-stellar economies, real estate offers a safe harbor to people wishing to make smart, low-risk investments. And now there’s a foolproof, step-by-step system even financial novices can use to achieve wealth and financial freedom. Are You Dumb Enough to Be Rich? gives people the resources and information they need to make serious amounts of money from buying and selling real estate. This essential book walks readers through the entire process, providing them with a 120-day plan for starting down the road to building real estate wealth. Too many real estate books focus on stories and unlikely examples about how other people became rich. Are You Dumb Enough to Be Rich? offers real strategies on finding the best opportunities, avoiding the common pitfalls of real estate investment, and building personal and professional credibility. Straightforward and easy-to-follow, the book empowers readers to take their first tentative steps toward real estate investing with confidence. Are You Dumb Enough to Be Rich? demonstrates that it doesn’t take a genius to make money — lots of it — in real estate. About the Author:G. William Barnett II (Fort Worth, TX) was a nationally syndicated television producer before becoming a multi-millionaire through real estate investing.

Buckets of Money: How to Retire in Comfort and Safety $24.95 Many people head into retirement assuming they will have enough money to live on for the rest of their lives. But when issues such as inflation and taxes come into play, their financial cushion can become so thin that they may have to cut back drastically on their standard of living or go back to work just to survive. Don’t let this happen to you!Nationally recognized Certified Financial PlannerTM and radio personality Ray Lucia has helped thousands of people improve their financial lives over his thirty-year career–and now, he has transformed these experiences into a program that will allow you to enjoy a comfortable retirement without worrying about your money running out. In Buckets of Money®: How to Retire in Comfort and Safety, Lucia provides you with a smart and conservative way to protect and grow your nest egg. With this book as your guide, you’ll learn how to achieve both income and growth, while reducing risk.In an easy-to-understand and accessible style, Lucia outlines his proven "Buckets of Money" technique. The concept behind Buckets of Money is amazingly simple. You match your assets to your liabilities. If you need income today, that’s a short-term liability (Bucket No. 1) that requires short-term assets, such as CDs and Treasury Bills. If you want inflation-indexed income tomorrow, that’s a mid-term liability requiring a match of mid-term assets, such as bonds and certain kinds of annuities, in Bucket No. 2. If you want your money to grow over the long run, that’s a long-term liability to be funded with long-term assets, such as stocks and real estate, in Bucket No. 3. Because you’re buying time with the income from Buckets Nos. 1 and 2, your Bucket No. 3 can grow without the worry of market volatility. Using many examples of "Buckets" in action, Lucia details the investments that are best for each Bucket and illustrates how to modify the Buckets system as your situation changes. Buckets of Money also

Buckets of Money: How to Retire in Comfort and Safety $0.25 Many people head into retirement assuming they will have enough money to live on for the rest of their lives. But when issues such as inflation and taxes come into play, their financial cushion can become so thin that they may have to cut back drastically on their standard of living or go back to work just to survive. Don’t let this happen to you!Nationally recognized Certified Financial PlannerTM and radio personality Ray Lucia has helped thousands of people improve their financial lives over his thirty-year career–and now, he has transformed these experiences into a program that will allow you to enjoy a comfortable retirement without worrying about your money running out. In Buckets of Money®: How to Retire in Comfort and Safety, Lucia provides you with a smart and conservative way to protect and grow your nest egg. With this book as your guide, you’ll learn how to achieve both income and growth, while reducing risk.In an easy-to-understand and accessible style, Lucia outlines his proven "Buckets of Money" technique. The concept behind Buckets of Money is amazingly simple. You match your assets to your liabilities. If you need income today, that’s a short-term liability (Bucket No. 1) that requires short-term assets, such as CDs and Treasury Bills. If you want inflation-indexed income tomorrow, that’s a mid-term liability requiring a match of mid-term assets, such as bonds and certain kinds of annuities, in Bucket No. 2. If you want your money to grow over the long run, that’s a long-term liability to be funded with long-term assets, such as stocks and real estate, in Bucket No. 3. Because you’re buying time with the income from Buckets Nos. 1 and 2, your Bucket No. 3 can grow without the worry of market volatility. Using many examples of "Buckets" in action, Lucia details the investments that are best for each Bucket and illustrates how to modify the Buckets system as your situation changes. Buckets of Money also

Building Real Estate Wealth in a Changing Market: Reap Large Profits from Bargain Purchases in Any Economy $21.95 Markets change-smart investors adapt. No matter what the state of the real estate market, there is wealth to be made, and the basics of smart investing still apply. In Building Real Estate Wealth in a Changing Market, John Schaub shows you how you can invest and thrive in any market. Change creates chaos, but it also creates opportunity for those who can recognize it and react. Schaub helps you find hidden deals and shows you how to cash-in on the great bargains available in a slowing market. If you want to invest safely and profitably, you’ll find a wealth of expert guidance on: Predicting change in your local market Profiting from change in individual neighborhoods Protecting your investments from market fluctuation Selling profitably in a buyer’s market Finding foreclosures, pre-foreclosures and other distressed properties Buying from banks and other lenders Buying properties from other investors Plus, you’ll discover Schaub’s step-by-step, ten-year plan for creating wealth. When you combine these wise investing tips and tactics with a proven long-term plan, you’ll build wealth to last a lifetime. “Gurus I respect…are people who have been in the business and love it and want to help people be successful investors…like John Schaub.”-John T. Reed, Money Magazine “On my scale of one to 10, this outstanding book rates an off-the-chart 12.”- Bob Bruss

Building Real Estate Wealth in a Changing Market: Reap Large Profits from Bargain Purchases in Any Economy $21.95 Markets change-smart investors adapt.No matter what the state of the real estate market, there is wealth to be made, and the basics of smart investing still apply. In Building Real Estate Wealth in a Changing Market, John Schaub shows you how you can invest and thrive in any market.Change creates chaos, but it also creates opportunity for those who can recognize it and react. Schaub helps you find hidden deals and shows you how to cash-in on the great bargains available in a slowing market. If you want to invest safely and profitably, you’ll find a wealth of expert guidance on:• Predicting change in your local market• Profiting from change in individual neighborhoods• Protecting your investments from market fluctuation• Selling profitably in a buyer’s market• Finding foreclosures, pre-foreclosures and other distressed properties• Buying from banks and other lenders• Buying properties from other investorsPlus, you’ll discover Schaub’s step-by-step, ten-year plan for creating wealth. When you combine these wise investing tips and tactics with a proven long-term plan, you’ll build wealth to last a lifetime.“Gurus I respect…are people who have been in the business and love it and want to help people be successful investors…like John Schaub.”-John T. Reed, Money Magazine”On my scale of one to 10, this outstanding book rates an off-the-chart 12.”- Bob Bruss

Buy, Rent, and Sell: How to Profit by Investing in Residential Real Estate $1.01 A leading national expert on real estate gives his proven strategies for making a killing in today’s red-hot residential real estate market. Irwin provides advice on how to find good investment properties, how to successfully rent them, and how to quickly turn them around for a fat profit. From the Publisher: The real estate market is hot and there’s never been a better time to invest in real estate! For instance, buying with a 50 percent margin in the stock market is considered good…but in real estate, buying with a 90 percent margin or higher is commonplace! Due to the pent-up demand for housing (caused by the recession of the 90s when few homes were built) there are as many as 11 million Americans who want to buy homes which are currently not available. It’s a great opportunity for investors. The time is right for real estate expert Bob Irwin’s Buy, Rent & Sell. This book will teach investors how to find good residential investment property, successfully rent it, and then quickly turn around and sell the property for a big profit. This book will be of interest to those millions of investors who are returning to real estate as a well-established formula for acquiring wealth in the good times that show no sign of stopping. In fact, the strong real estate market is very likely to continue for years to come (periodic higher interest rates will only likely slow – not halt – the boom in the housing market). Buy, Rent, & Sell will be a solid, workable and comprehensive guide to making money investing in real estate. The book will both promote techniques that work, as well as expose unrealistic practices that don’t work. BACK COVER America’s #1 real estate expert gives you the tools you need to build wealth by investing in real estate.From making a quick profit to reaping long-term financial security, Buy, Rent, and Sell takes you through the 10 Rules

Dave Barry’s Money Secrets $13.95 Did you ever wish that you really understood money? Well, Dave Barry wishes that he did, too. But that hasn’t stopped him from writing this book. In it, Dave explores (as only he can) such topics as: – How the U.S. economy works, including the often overlooked role of Adam Sandler- Why it is not a good idea to use squirrels for money- Strategies that will give you the confidence you need to try for a good job, even though you are–let’s be honest–a no-talent loser- How corporate executives, simply by walking into their offices, immediately become much stupider- An absolutely foolproof system for making money in the stock market, requiring only a little effort (and access to time travel)- Surefire tips for buying and selling real estate, the key being: Never buy–or, for that matter, sell–real estate- How to minimize your federal taxes, safely and legally, by cheating- Why good colleges cost so much, and how to make sure your child does not get into one- How to reduce the cost of your medical care by basically not getting any- Estate planning, especially the financial benefits of an early death- And many, many pictures of Suze Orman But that’s only the beginning! Dave has also included in this book all of the important points from a book written by Donald Trump, so you don’t have to read it yourself. Plus he explains how to tip, how to negotiate for everything (including bridge tolls), how to argue with your spouse about money, and how much allowance to give your children (three dollars is plenty). He also presents, for the first time in print anywhere, the Car Dealership Code of Ethics ( Ethic Seven: The customer is an idiot ). Also, there are many gratuitous references to Angelina Jolie naked. You can’t afford not to buy this book! Probably you need several copies. What kind of financial shape are you in right now? This scientific quiz will show you. Be honest in your answers: If you lie, you’ll only be lying

Dave Barry’s Money Secrets: Like: Why Is There a Giant Eyeball on the Dollar? $9.99 Did you ever wish that you really understood money? Well, Dave Barry wishes that he did, too. But that hasn’t stopped him from writing this book. In it, Dave explores (as only he can) such topics as:• How the U.S. economy works, including the often overlooked role of Adam Sandler• Why it is not a good idea to use squirrels for money• Strategies that will give you the confidence you need to try for a good job, even though you are—let’s be honest—a no-talent loser• How corporate executives, simply by walking into their offices, immediately become much stupider• An absolutely foolproof system for making money in the stock market, requiring only a little effort (and access to time travel)• Surefire tips for buying and selling real estate, the key being: Never buy—or, for that matter, sell—real estate• How to minimize your federal taxes, safely and legally, by cheating• Why good colleges cost so much, and how to make sure your child does not get into one• How to reduce the cost of your medical care by basically not getting any• Estate planning, especially the financial benefits of an early death• And many, many pictures of Suze OrmanBut that’s only the beginning! Dave has also included in this book all of the important points from a book written by Donald Trump, so you don’t have to read it yourself. Plus he explains how to tip, how to negotiate for everything (including bridge tolls), how to argue with your spouse about money, and how much allowance to give your children (three dollars is plenty). He also presents, for the first time in print anywhere, the Car Dealership Code of Ethics (“Ethic Seven: The customer is an idiot”). Also, there are many gratuitous references to Angelina Jolie naked. You can’t afford not to buy this book! Probably you need several copies.What kind

Dave Barry’s Money Secrets: Like: Why Is There a Giant Eyeball on the Dollar? $13.95 Did you ever wish that you really understood money? Well, Dave Barry wishes that he did, too. But that hasn’t stopped him from writing this book. In it, Dave explores (as only he can) such topics as:• How the U.S. economy works, including the often overlooked role of Adam Sandler• Why it is not a good idea to use squirrels for money• Strategies that will give you the confidence you need to try for a good job, even though you are—let’s be honest—a no-talent loser• How corporate executives, simply by walking into their offices, immediately become much stupider• An absolutely foolproof system for making money in the stock market, requiring only a little effort (and access to time travel)• Surefire tips for buying and selling real estate, the key being: Never buy—or, for that matter, sell—real estate• How to minimize your federal taxes, safely and legally, by cheating• Why good colleges cost so much, and how to make sure your child does not get into one• How to reduce the cost of your medical care by basically not getting any• Estate planning, especially the financial benefits of an early death• And many, many pictures of Suze OrmanBut that’s only the beginning! Dave has also included in this book all of the important points from a book written by Donald Trump, so you don’t have to read it yourself. Plus he explains how to tip, how to negotiate for everything (including bridge tolls), how to argue with your spouse about money, and how much allowance to give your children (three dollars is plenty). He also presents, for the first time in print anywhere, the Car Dealership Code of Ethics (“Ethic Seven: The customer is an idiot”). Also, there are many gratuitous references to Angelina Jolie naked. You can’t afford not to buy this book! Probably you need several copies.What kind

Dave Barry’s Money Secrets: Like: Why Is There a Giant Eyeball on the Dollar? $11.99 Did you ever wish that you really understood money? Well, Dave Barry wishes that he did, too. But that hasn’t stopped him from writing a book about how to understand money. In it, Dave explores (as only he can) such topics as:·How the U.S. economy works, including the often-overlooked role of Adam Sandler.·Why it is not a good idea to use squirrels for money.·Strategies that will give you the confidence you need to try for a good job, even though you are, let’s be honest, a no-talent loser.·Why corporate executives, simply by walking into their offices, immediately become much stupider.·An absolutely foolproof system for making money in the stock market, requiring only a little effort (and access to time travel).·Surefire tips for buying and selling real estate, the key one being: Never buy, or for that matter sell, real estate.·How to minimize your federal taxes, safely and legally, by cheating.·Why good colleges cost so much, and how to make sure your child does not get into one.·How to reduce the cost of your medical care by basically not getting any.·Estate planning, especially the often-overlooked financial benefits of early death.But that’s only the beginning! Dave has also included in this book all of the important points in a book written by Donald Trump, so you don’t have to read it yourself. Plus he explains how to tip; how to negotiate for everything, including bridge tolls; how to argue with your spouse about money; and how much allowance to give your children (three dollars is plenty). He also presents, for the first time in print anywhere, the Car Dealership Code of Ethics (“Ethic Seven: The customer is an idiot”). Also there are many gratuitous references to Angelina Jolie naked. You can’t afford NOT to buy this book! Probably you need several.