Has Anyone Bought Real Estate With No Money Down?

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  • BigB
    Confirmed User
    • Feb 2006
    • 275
    #51
    Fitty No money downs...

    Tons of deals out there right now on defaulted
    properties...

    Big B
    Last edited by BigB; 01-14-2008, 08:24 AM.


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      • Brother Bilo
        Confirmed User
        • Jun 2007
        • 4193
        #52
        I'm currently buying a house with a zero down loan. So far it's working out pretty well.

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          • JP-pornshooter
            Confirmed User
            • Sep 2006
            • 4007
            #53
            yes... i bought my house a few years ago.. no money down and i got cash..
            i have the money but why spend it if you dont have to ? i got a great deal, the seller financed all closing cost plus paid for some improvements thru the deal and the realtor gave me 50% kickback on his commision so i walked away with cash and a house.. if you have good credit this is possible.
            "Obscenity is whatever gives the Judge an erection." -- Author Unknown

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              • Lace
                Too lazy to set a custom title
                • Mar 2004
                • 16116
                #54
                Interesting thread for GFY...Been thinking about this lately too.
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                  • bushwacker
                    Confirmed User
                    • Jun 2002
                    • 2817
                    #55
                    Originally posted by Brother Bilo
                    I'm currently buying a house with a zero down loan. So far it's working out pretty well.
                    Any owner financing involved?

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                      • shermo
                        #56
                        Originally posted by FreeHugeMovies
                        Do you know what the foreclosure ratio is for someone who doesn't put money down on buying property?
                        What does what other people do, have to do with my ability to make my mortgage? I wouldn't have bought a home if I had to look at the actions of others. As stated, 1 stipulation with 0 down was that I had to have a years worth of rent in my bank (roughly $36k). It's not that I had no money to pay for my house...It's just that I wanted to have it to work in my favor.

                        As I said, a 5% down would have ONLY saved me $50 a month. Unless you do a full 20% down to avoid PMI, there isn't much of a point of a down payment when you have very good credit.

                        Shemp hit the nail on the head:
                        "always use OPM (other peoples money) when you can..."

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                          • Brother Bilo
                            Confirmed User
                            • Jun 2007
                            • 4193
                            #57
                            Originally posted by bushwacker
                            Any owner financing involved?
                            We're financing through the homebuilder. So far, they have been straight forward and very helpful. The rates are the same as anywhere else, so far seems to be working out great.

                            It's a new build in a fast growing area, so they are quick to give people loans for a house.

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