HELLO I'm New At RE
Hello I'm new at RE and am curious if "no money down" techniques are a good way to invest? If so How does the whole process take place. Just a brief summary is fine. Thanks! 
[ Edited by micmim on Date 06/28/2004 ]
hi and welcome,first-no money down-means no money out of your www.pocket.the basics are,find out what the sellers really needs,moving,bills paid,settle a divorce...if you dont think outside the norm-then your path to success will take a long time...have a wonderful journey,write if you ever need opinions.
micmim,
Your question is too broad to offer a descent answer. "No Money Down" deals happen every day in hundreds of ways, depending on what your financial status is.
I've purchased 3 homes now without expending any capital and will close tomorrow on my 4th for a total of five cents out of pocket (300k home). These were all 100% financed NOO coventional deals, so if you have the credit, you can get the home.
If you don't have the credit score, you can look into subject to or using lease options. Both techniques allow you to get control (or ownership) of the house and market it as you desire. You can also find a partner to put up the money for you if you find a good deal, or birddog properties out to investors for a little cash with little to no risk at all.
I guess it all depends on what resources you have, what you want to accomplish, and what you enjoy doing.
-Chris
[addsig]
First no money deal should be a trip to the library so you can read up on how real estate transactions happen. Assume that what you are asking can take 100's of pages to explain. Not that it is difficult, just a lot of details.
A no money deal means you did not put up the cash. Similar to borrowing a book from the library. The author and publisher still got paid even though you did not cough up the cash.
There are many ways to do such a deal. Not all of them will work in every situation. Even if you can buy with no money down it does not make it a good deal as the monthly costs might be too high if the property is 100% financed.
So, good concept and something worth spending some time learning about. Now hit the books.
John
PS. There are lots of articles and reports here and on the web. Most are not complete for such a broad topic. Definitely worth checking but likely only part of where you will find your education.
Quote:
On 2004-06-28 18:33, micmim wrote:
Hello I'm new at RE and am curious if "no money down" techniques are a good way to invest? If so How does the whole process take place. Just a brief summary is fine. Thanks!
<font size=-1>[ Edited by micmim on Date 06/28/2004 ]</font>
[addsig]
RTFM!!!! LOL!!!
There are lots of different ways to purchase no money down...I too would recommend a trip to the library, or purchase a book/course online and read up.
Wow! I guess I didn't realize that was such a broad topic! Thanks for clearifying what no money down actually means. Also In order to know if I have good or bad credit, how do I find out this answer? Another thing is what has caught such an interest to me is I have just sent off for CS course. I am very curious on how a person with non established credit or too much money but with a very determined and goal oriented mind can make such a future in RE. Thank you all for you insights. :-?