Buy, Fix, And Hold! No money??? How do you do that???

Well one way would be using "other people's money" (OPM) and working out a payment plan over a long period of time. Just like dean mentioned in the blog, talking to dentists,accountants, relatives, or anyone you know that has money saved up.

You could also partener with those people. There might be more incentive for people in partnering because they get to keep half the profits on the deals you provide.

I'm sure Dean and his top students have come up with much more creative ideas that this, but this would be a couple of ways to do it.

Jordan

as far as I am concern, in real estate isn't buyer lists, seller lists or relationships with teams. It is being to have a number of investors to be able to tap them to propel your real estate business along. OPM is the Number One factor we depend on for our success.

Thank you Jordan,

Actually My partner and I have considered this and are continuing to work on finding some Private money lenders. That is a great Idea!

I have even tried doing the exercise at the edge where you come up with 20 solutions to your questions. I don't remember who showed us how to do it but I only came up with 3 things LOL!

1. private money
2. Sandwich lease options ( lease from seller then lease to tenant but how do you pay for the fix up?)
3. Hard money with nothing in it ( which I still haven't found in our search so far)

Those are the thoughts I have had so far.

Just like jordan I think your right bill.

Maybe I need to find a better way at tapping into that realm. I know your full of information bill. Any other suggestions?

While I think a buyer and seller lists are important, I have to agree with Bill as usual. Our most important contact that we have is with our money people. Private or Hard money people should be at the top of your list. You can sit at your computer for days and weeks looking for financing and sifting thru the scammers and legit investors, trust me it will take some time because I have done it. There is no easy way to find money, so make a big pot of coffee, sit at your computer and look for the dough!!! Hope this helps...Jan

Opm is exactly right......if u don't have it....then u HAVE to use opm.
this is exactly what I did.......
find a vacant or sfh that needs work
Do WHATEVER it takes to find the owner
NOW u have a house and owner and begin to negotiate
On my particular house....I negotiated down to 1,000 down....300 per mnth.......50,000 total sale price with 5 yr balloon
Then I wash on craigslist for a house ....5000 down.....600 per mnth with 8% int......4 yr baloon for 65000
Phone rang off the hook.....found buyer AND BUILT A BUYERS LIST with other buyers with 5000 down
Now I sign the papers with my seller....then sign with my buyer

Take MY BUYERS 5000 and give 1000 to MY SELLER....I POCKET4000
in a mnth I get 600 from MY BUYER..... then send MY SELLER 300....I pocket 300
keep in mind I get 8% interest....and a 15000 difference in selling price
MY BUYER....FIXES EVERYTHING...........and I used O...none....nothing out of pocket except a closing cost

Plus I kept an empty lot next door and just sold THAT FOR 2000 down....250 per mnth at 8% int ....with a total sale price of 9000 !!!!!!!!!!!!!! That is THE WAY TO DO a no money down deal...........
U can call it a fix and flip no $ down .......if I get it back for any reason because they just put a new roof,windows,carpet,excavation and finish on it! !!!....hope that helps
Jay

To keep to rent ...I would find exactly the same vacant house or a house that a TIRED landlord wants to be rid of and negotiate a no money down deal where u take it off his hands and sign a contract to fix up and pay him what he want DOWN THE ROAD when u raise the rents to now have a cashflow.make the contract state a BALLOON PAYMENT SAY IN 5 YRS......GIVES U THAT time to start a cashflow and pay him off with ...aka renters money.
No money down deals r out there u just have to FIND THEM....or CREATE THEM..
I KNOW they r out there because I have SOLD them...for no $$$$ down

A few deals ago I sold an empty lot for ZERO DOWN 180 per mnth at 9% int......for 11000
So these deals r out there
Jay

Thank you Jay,

I just need to find those sellers:) great ideas everyone I appreciate the input big time. I now know what direction to head into.

Yes we are continually looking for financing with banks and private lenders. We almost went through a company but decided not to because of the ratings they had with the bbb plus they could not prove to us that they had the money we were supposedly approved for.

Any tips on your search?

I understand the process, but what instrument do you use on paper to lock in the owner to give you the property, would this be a purchase agreement? Is there any other forms to use. A qcd would seal the deal, but the owner would have to trust you a lot. Would you also give him a emd to keep others out? I guess how to hold the owner in the deal would be my only problem. What do you suggest.

You've got to get either a Purchase Agreement with an assignment clause ("Mr Buyer and/or assignees")... a Wrap around deed (also called an All-Inclusive Trust Deed) or a lease with purchase option.

The Purchase Agreement is your INTENT to buy it (and possibly assign it)in xxx days
The AITD... you own it and are on title
Lease w/ option... you're leasing with Intent to buy

here's a great thread that you may want to check out...

http://www.deangraziosi.com/real-estate-forums/financing-and-credit/2048...

Learning and progressing every day,
Val

thankyou, this keeps me on track. Keeping your paper work for the appropriate deal
is important.

Great infomation. This is where I want to be soon.

Owner financing, either a portion or at least the down payment.

Has anybody done this multi-fam homes? I wonder if it is as similar as SFR's.
Someone gave this site a while back: https://fcg.infusionsoft.com/go/AFP1/rurei/

We have bought out 3 landlords this year. All of them with no money (or very little) out of our pocket. It can be done whether it's a single family home or a 100 unit apartment complex. You need to have a motivated seller that is willing to hold all or some of the mortgage for you.