On this podcast episode I talk about buying houses with no money down. One of the easiest ways that I know to explain "no money down" deals is to give you a real life example of my first no money down house that I purchased.
The house that I am talking about on today's podcast was a house that I estimated had an After Repair Value (ARV) of $120,000. The house was offered to me by my mentor (who got it from a wholesaler). The purchase price was $50,000 which included all of the wholesalers fees. The house had a significant amount of water damage from Hurricane Frances and needed around $25,000 in repairs.
I purchased this house with a $50,000 loan from my mentor's partners dad. I borrowed the $25,000 for repairs from my friend Darryl's mom.
After repairing this house (using my mentor's crew) I rented out the front house for $1,200 and I rented the back unit efficiency for $600 (total $1,800 per month). I went to my mortgage broker Warren to refinance the house. The house appraised for $163,000 and after paying off my lenders I received $39,000 on the cash out refinance. I used that money as a down payment to purchase my primary residence in Boca Raton (I still own that house).
Remember this, if you can buy houses and your "all in cost" (purchase plus repairs plus fees) is less than 80% of what the house would appraise for, then you too can buy houses with no money down. The trick is - how to find these houses.
My Home Study Course that I give to all of my Partnership Program Students starts out with the first 10 houses that I purchased (all with no money down). This house that I am talking about on today's podcast is house number one in my Home Study Course.
If you are brand new to real estate and want to learn more about how to wholesale real estate and flip houses then please register for the free wholesaling real estate training at this link below:
FREE WHOLESALING TRAINING
https://www.lexlevinrad.com/webinar
FIXING AND FLIPPING TRAINING
If you want to learn how to fix and flip houses I have a fix and flip training webinar at this link: https://www.lexlevinrad.com/fixandflipwebinar
DON'T FORGET TO SUBSCRIBE TO THIS PODCAST TO BE NOTIFIED OF UPDATES
SUBSCRIBE TO MY YOUTUBE CHANNEL
http://www.youtube.com/lexlevinrad?sub_confirmation=1
CONNECT WITH ME ONLINE
http://www.lexlevinrad.com
http://www.facebook.com/lexlevinradrealestate
http://www.twitter.com/lexlevinrad
http://www.instagram.com/lexlevinrad
http://www.linkedin.com/in/lexlevinrad
http://www.pinterest.com/lexlevinrad
https://plus.google.com/+LexLevinradrealestate
DOWNLOAD A FREE COPY OF MY BOOK ON WHOLESALING PROPERTIES
For more real estate tips about property investment, investing in real estate, and how to start wholesaling, download a FREE copy of my best selling book "Wholesaling Bank Owned Properties" at https://www.lexlevinrad.com
The house that I am talking about on today's podcast was a house that I estimated had an After Repair Value (ARV) of $120,000. The house was offered to me by my mentor (who got it from a wholesaler). The purchase price was $50,000 which included all of the wholesalers fees. The house had a significant amount of water damage from Hurricane Frances and needed around $25,000 in repairs.
I purchased this house with a $50,000 loan from my mentor's partners dad. I borrowed the $25,000 for repairs from my friend Darryl's mom.
After repairing this house (using my mentor's crew) I rented out the front house for $1,200 and I rented the back unit efficiency for $600 (total $1,800 per month). I went to my mortgage broker Warren to refinance the house. The house appraised for $163,000 and after paying off my lenders I received $39,000 on the cash out refinance. I used that money as a down payment to purchase my primary residence in Boca Raton (I still own that house).
Remember this, if you can buy houses and your "all in cost" (purchase plus repairs plus fees) is less than 80% of what the house would appraise for, then you too can buy houses with no money down. The trick is - how to find these houses.
My Home Study Course that I give to all of my Partnership Program Students starts out with the first 10 houses that I purchased (all with no money down). This house that I am talking about on today's podcast is house number one in my Home Study Course.
If you are brand new to real estate and want to learn more about how to wholesale real estate and flip houses then please register for the free wholesaling real estate training at this link below:
FREE WHOLESALING TRAINING
https://www.lexlevinrad.com/webinar
FIXING AND FLIPPING TRAINING
If you want to learn how to fix and flip houses I have a fix and flip training webinar at this link: https://www.lexlevinrad.com/fixandflipwebinar
DON'T FORGET TO SUBSCRIBE TO THIS PODCAST TO BE NOTIFIED OF UPDATES
SUBSCRIBE TO MY YOUTUBE CHANNEL
http://www.youtube.com/lexlevinrad?sub_confirmation=1
CONNECT WITH ME ONLINE
http://www.lexlevinrad.com
http://www.facebook.com/lexlevinradrealestate
http://www.twitter.com/lexlevinrad
http://www.instagram.com/lexlevinrad
http://www.linkedin.com/in/lexlevinrad
http://www.pinterest.com/lexlevinrad
https://plus.google.com/+LexLevinradrealestate
DOWNLOAD A FREE COPY OF MY BOOK ON WHOLESALING PROPERTIES
For more real estate tips about property investment, investing in real estate, and how to start wholesaling, download a FREE copy of my best selling book "Wholesaling Bank Owned Properties" at https://www.lexlevinrad.com
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