bad credit and non of my money down deals
- Thread starter monk1965
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QUOTE (monk1965 @ Mar 20 2009, 07:59 PM) Is there any deals for people that have very bad credit, and dont have any money to put down. Is there creative financing deals out there that Rein teaches about, and im also new to this I have never bought a property in my life.
only in the movies or in "free" weekend courses .. but not in real life !
Can you find deals today with little money down: yes .. no money down: no !
Even if you assume a mortgage you must have cash for lawyers, back payments for banks, repair & maintenance to fix the messy place up, cover first 2-3 months with no tenant ... so please do NOT believe the folks that teach you "no money down" !!
only in the movies or in "free" weekend courses .. but not in real life !
Can you find deals today with little money down: yes .. no money down: no !
Even if you assume a mortgage you must have cash for lawyers, back payments for banks, repair & maintenance to fix the messy place up, cover first 2-3 months with no tenant ... so please do NOT believe the folks that teach you "no money down" !!
QUOTE (monk1965 @ Mar 20 2009, 06:59 PM) Is there any deals for people that have very bad credit, and dont have any money to put down. Is there creative financing deals out there that Rein teaches about, and im also new to this I have never bought a property in my life.
As a former REIN member, I can tell you that I have not heard much discussed that would help in this particular situation. Of course, there are over 500 people in the room at each REIN meeting, so if you are good at networking, maybe you will meet someone who could suggest something.
REIN teaches how to joint venture with a partner who has what you don`t, i.e. money for downpayment, good credit. However, you would have to have something to offer a potential partner - like being an expert investor. So I would recommend that you start learning about real estate investing in Canada. Read Don Campbell`s books, start repairing your credit, maybe save some money for your first property.
Creative strategies, even if there are some, i.e. sandwich lease option or assuming somebody`s mortgage (in Alberta), still will require that you know how to manage a property, be an excellent landlord, and be able to tell a good deal from everything else.
There is an ACRE conference coming up soon in Toronto. Might be a good start for you.
Good luck!
As a former REIN member, I can tell you that I have not heard much discussed that would help in this particular situation. Of course, there are over 500 people in the room at each REIN meeting, so if you are good at networking, maybe you will meet someone who could suggest something.
REIN teaches how to joint venture with a partner who has what you don`t, i.e. money for downpayment, good credit. However, you would have to have something to offer a potential partner - like being an expert investor. So I would recommend that you start learning about real estate investing in Canada. Read Don Campbell`s books, start repairing your credit, maybe save some money for your first property.
Creative strategies, even if there are some, i.e. sandwich lease option or assuming somebody`s mortgage (in Alberta), still will require that you know how to manage a property, be an excellent landlord, and be able to tell a good deal from everything else.
There is an ACRE conference coming up soon in Toronto. Might be a good start for you.
Good luck!
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REIN teaches you to adopt and follow a proven system. I`m not sure that looking for no money down with bad credit is something that anyone within REIN would endorse.
There are opportunities in Real Estate for everyone, but it`s not a `get rich quick` process. You need to draw a line in the sand, figure out whare you want to go, and then chart your course. You success may not happen overnight, but with determination you will get there.
There are opportunities in Real Estate for everyone, but it`s not a `get rich quick` process. You need to draw a line in the sand, figure out whare you want to go, and then chart your course. You success may not happen overnight, but with determination you will get there.
One way you may look to get started in Real estate is by wholesaling putting deals together and selling them to investors who do not have the time to find a lot of properties by themselves but they can manage the properties or hire a prop management company. You still need a good list of people who would be interested in your services so that your just not spinning your wheels. This would allow you to gain experience and knowledge while earning some money to help fix your credit and gain the creditability you need to start doing JV`s if you wish to