One of the Myth’s of real estate is that you have to have
money. This is flat out not true, you can absolutely do deals with no
money and credit. There are a few precautions Bonnie Hart shared, especially
for beginners before explaining how to do deals with no money and no credit. Bonnie hart Realtor
is a famous real estate consultant having long record of successful national
and multi-national clients with their commercial real estate acquisitions. Bonnie Hart Mission Viejo has been so successful fir ever twenty years in the
incredibly competitive sales environment.
Having
money and credit can certainly make it easier to do deals. It is crucial
however to make sure the deal still meets your criteria. At no point in
time should you bend your criteria and make the deal work by putting in your
own money. For instance, if you are considering putting in 10% of your
own money to make it meet your 70% LTV criteria, you should lower your offer or
pass on the deal. The risk has to be warranted, in fact, all deals should
be good enough where you do not have to use any of your own money. Using
your own money and improve the return without unneeded risks.
Here are some ways you can do real estate deals with No
Money and No Credit
Use
Private Money – Cash is king and having
private money backing can allow you to do deals without any of your own money.
Partner – If you have a strong business plan with solid exit
strategies and a successful track record there is a ton of money out there to
fund 100% of your deals. Make it a win-win for your partners and make it
happen.
Find deals
with incredible numbers – If
you are an expert at finding incredible deals, doing and exiting the deals then
people will fight over funding your deals.
Wholesale,
Bird Dog – There is no risk, money or credit
needed in getting a deal under contract or locating deals for investors.
Subject
To, Seller Financing, Lease Options – Taking
title to a property subject to the seller’s existing mortgage, getting the
seller to carry financing or lease optioning a property are ways to do no money
no credit deals