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How to purchase Real Estate with no money?
in Investments

By SandSand 216 Pts
There is a lot of red tape preventing people from attaining financial freedom.
Does anyone know a way to purchase property without using any of your own money?
Or as little as possible?

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  • Step 1: get/have a perfect credit score (above 850)
    Step 2: Obtain a personal loan that will serve as a down payment, a gift from someone, or money out of pocket
    Step 3: Find the property, and negotiate a deal for as little as possible, ideally in a home which will increase in value.
    Step 3a: if you can obtain a USDA loan in your area, get one. However, if you are looking to rent the place out to make money, this type of loan will not let you do that.
    Step 3b: VA loans are awesome if you have served in the military. In this case, you can rent out the house.
    Step 4: Do the math on the cost of the property, and figure everything out ahead of time. If you are trying to make a profit as a landlord, then you will need to learn everything you can. It is still a LOT of work, and bad tenants can ruin everything.
    Step 5: Leverage your prices. You don't have to make all the money on the property straight away, the trick is to have more coming in than what you are paying, and sometimes this just comes down to percentages. If you are successful, it is possible to get paid to borrow money. This is how venture capitalists do business.
    Step 6: make your money work for you, instead of working for money. Yes this is a euphemism. This step can never truly be completed, as it is ongoing and everything up until this point has just been to reach this step. With continuous wise decisions and smart choices, you can eventually get to a point where your money is making more than you are taking from it, and at this point you are financially free.
    At some point in the distant past, the universe went through a phase of cosmic inflation,
    Stars formed, planets coalesced, and on at least one of them life took root.
    Through a long process of evolution this life 
    developed into the human race.
    Humans conquered fire, built complex societies and advanced technology .

    All of that so we can argue about nothing.
  • MayCaesarMayCaesar 3409 Pts
    edited January 12
    You are not going to get anything decent for free, unless you manage to inherit a property. You can get property effectively for free through investment, however. If you have a good credit score, then you can take a mortgage loan, buy a property and rent it out - say, your monthly mortgage payment is $500, but you are renting it out to 4 tenants, $400 each. Then you are making $1100 a month out of it. Now you can take a second mortgage, say, with the $500 monthly payment again, and use that $1100 to make those payments, and the rest $600 on property taxes, maintenance, etc. This entire plan requires 0 cents on your part, as your tenants pay for everything.

    This does require a lot of legwork on your part: looking for tenants, making sure they pay you on time, keep up with maintenance of two properties, etc. Such is life: nothing comes for free. But this still looks like a much better deal to me, than actually paying for your own property fully, which typically puts you in a 20-30 year debt, biting at your income monthly.

    I personally plan to do it differently: I will just buy a large RV and live in it (provided I do not get married; then things may get a bit more complicated). I find that conveniences of having a large apartment/house wear out quickly, while the monthly payments do not. On the other hand, you can easily pay off your RV in a couple of years even with a fairly low salary, given that you do not have to pay for rent/mortgage, and then you are good.
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