Getting The Property No Money Down
What is the process to get the property with no money down? Does this mean the investor owns the property or owns the right to return the property back to the owner? Or does it give the right to find a rehab investor? I hear you do not need good credit or money down to make this happen how is this possible.? Where would i find the proper paper work to make this happen as an investor? Do i need a license to do tis sort of thing.?I am very interested in this and I realize i have more to learn before doing such a thing. help just curious.
By any chance, have you been watching a lot of late night tv?
Just curious....
You could buy a primary residence no money down possibly and live there a year (to comply with owner occupied financing rules) and then rent it out. Most investor loans (non-owner occupied) these days require 10% down.
You can buy subject-to for no money down. You can control property with no money (Option and Lease Option).
[addsig]
We receive these letters all the time and our title company has no problem with it because that is the purchase price for the first transaction. You will have a higher purchase price for your second transaction - the point of a double closing.
Basically, I would try to find a new title company or talk to them to work it out.
The property is sold at the stated purchase price, then sold again for more. What difference does it make if the second sale is after five minutes or five years?
Chris
co mingling funds is the issue
The California offices of Stewart and First American Title have recently sent out notice on all short sales if there is two open escrows on the same property the second must be disclosed to the bank. And it makes no difference whether it is a wet or dry double closing. I would love to find a way around this myself.
The problem I have run into if both escrows are open concurrently even if you fund the first with your funds (a wet double closing) or use the new buyers funds to cover the first(dry) it does not matter. With two escrows open on the same property at the same time they feel obligated to disclose to the lender.