Profile picture for sassilady

I am looking for a no money down purchase as an investment

I am looking for a no money down purchase as an investment and to find a great dealer to work with.

My name is Sherry
720-252-4402
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December 09 2010 - Denver
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Answers (15)

Profile picture for sunnyview
VA has no money loans for veterans, but I believe they need to be owner occupied. USDA also has 0 down, but only for owner occupied and in qualifying areas I think.
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April 19 2011
I have not heard of this loan product being offered at this time. A hard money lender is the closest thing you can get.
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April 19 2011
Amazing! Sherry, you ask a question. You got the answers. Sorry they weren't what you wanted to hear. Follow the path of your friend to nowhere.

Happy funding,
Rudi
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December 11 2010
Hi Sherry!  If you want to find no down money for a fix n flip then you need to find a a "hard money investor".  I can refer you to a hard money lender who is reputable.  You can contact me via my Zillo profile.  Thanks!
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December 10 2010
Yes, Sherry this type of transaction is possible we do them all the time.  You will need cash reserves and the property you purchase would have to have closer to 40% equity.  This type of transaction is complicated and Dana has given you the board strokes of how you can do it.  But there are a lot of things you need to watch for and you really need have a lender with in house capital lending and a flexible mortgage banking platform to make this happen.  The take out loan is also very important and should be approved and ready to go before you enter into the private money loan or capital loan.  As you can see from some of the other post not every one is aware or capable of pulling this type of loan off.  So proceed with caution.  If you would like more detail please let me know.
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December 10 2010
Stop looking Sherry. It's not going to happen.

Happy funding, Rudi
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December 10 2010
If you are looking for traditional Non Owner occupied financing from a Bank oor Mortgage lender the answer is the 70-80% LTV full doc, 680 minimum scredit score and 6 months cash reserves.

However, many investors because they plan on flipping the property (buy/renovate/sell) use private lenders aka Hard Money Lenders. These are short term high interest rate loans usually with points and or pre-payment penalties. The loan is based on the deal, not on your credit wothiness. generally the private lender bases the deal at 65% of the after repaired value of the home. Example: ARV 100k. Purchase price 50k. Loan amount is 65k less purchase price of 50k= 15k towards closing costs and renovation funds. These type of lenders can be found at your local real estate investor clubs.
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December 10 2010
Profile picture for wetdawgs
If you have a friend who is working with someone who can provide such a loan, get your friend's reference to that "someone" because what you are requesting isn't available in the general market.  

You might be able to find a hard money lender who will charge your triple or quadruple interest rates for such a loan.  

You've asked a question where realistic answers don't make you happy.  
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December 10 2010
Do you already own a home? If so, you will likely need 25% as a down payment. If not, you can get a home with as little as 3.5% down with FHA financing, or 0% down for VA financing (if you're a Veteran). There are other creative options. You need to talk to a mortgage lender for sure. Google one in your area and they can answer all those questions. Best of luck!
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December 10 2010
I'll buy you lunch if you find your no-money-down investment property. But if you come to the advice forums and ask questions, you're going to get advice. Even when it isn't what you want to hear. The people answering these questions are experts. Would you go to a legal advice forum and tell the attorney answering your question that he is wrong and you don't want to hear his answer? If your friend is getting such a loan, why don't you just call your friend's lender? And be sure to let us know how it works out. More good luck to you.
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December 10 2010
Profile picture for sassilady
I have a friend that is working with someone now that is helping him
with a no money down investiment purchase. If they are working on that kind of deal...they must be out there somewhere. And for the 3 negative
comments...your input is not needed nor requested.
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December 10 2010
No can do. I'm not sure you have been paying attention to the changes in mortgages over the past three years. Plan on putting 20-25% down on an investment property. Good luck
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December 10 2010
Profile picture for blue screen died
I'm baffled how anyone can call something an "investment" if they have nothing to invest...

Do people really think they can make money off of other people's money without putting anything in?

And the returns are usually proportional to risk, so what risk is there if nothing is invested?  When the values go down you will just walk away leaving the lender to take all the losses?
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December 09 2010
me too. lol
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December 09 2010
Sherry-
The highest leverage loan I am aware of on NOO is 85% loan to value meaning you need 15% down. This is only available through Homepath financing and you must buy a Homepath property found at www.homepath.com. You will need to speak with a hard money lender for any shot at a no money down deal on an investment property outside of this. Best of luck.
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December 09 2010
 
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