15 Ways to Buy Property No Money Down - Real Estate Investing Training Video

[frea1able]

seriously I love this guy, just brilliant wisdom.

[buytoletlandlord]

can u really do this? 

[localmentor]

@buytoletlandlord - sure, I've used pretty much all those strategies at some point.

[dfefly]

Dude, you are amazing.

[wwpsolutions]

Good stuff Mike!

[MakeCoronaHome]

Michael, I have never seen a short sale bank (or reo for that matter) approve an offer with an assignment clause. In fact, many now are requiring that the property be held on to for 60 - 90 days before any new change of ownership, making a double closing difficult. Do you know of a way around that?

[localmentor]

@MakeCoronaHome Yes. (FYI, i have closed 2 non-owner occupied short sales with local lenders - neither were listed and I assigned both of them. You MUST know your state's up to date laws. In CO it matters if it's owner occupied or not - very different rules. Laws and Lender SS Acceptance letters are 2 diff. things as well. If I intend to flip it I'll contract in a trust or LLC and sell THAT entity in lieu of selling or assigning the contract (or double closing). I have other videos on this.

[localmentor]

@MakeCoronaHome Yes. (FYI, i have closed 2 non-owner occupied short sales with local lenders - neither were listed and I assigned both of them. You MUST know your state's up to date laws. In CO it matters if it's owner occupied or not - very different rules. Laws and Lender SS Acceptance letters are 2 diff. things as well. If I intend to flip it I'll contract in a trust or LLC and sell THAT entity in lieu of selling or assigning the contract (or double closing). I have other videos on that

[localmentor]

@localmentor - I only do this on Non Owner Occ. properties, in CO we have some new laws that make flipping even the LLC or Trust beneficial interest a "No-NO".

Even if you get an acceptance letter with no resale for 60 days, you just sell the entity. This works for properties your selling to cash or hard money buyers. Flipping to owner occupants getting traditional financing, not going to fly because of the entity - they need to close in their own name to get that kind of loan.

[ShortsaleBrothers]

Now this guy handles PIPELINES........

Exit strategies times 10 !

This is what thinking big is. (larger scale)

Easy stuff, but takes a certain way of being.

Don't worry guys, you don't need to know.

Just send us all the leads.

Good times. lol

[benquicks]

Why should i ask a relitve to give me money? i won't do that.

[localmentor]

@benquicks There's usually many things people "won't" do to be successful. Only YOU can decide what you WILL do to make it happen. there are plenty of ways without asking a relative. Money finds GOOD DEALS. If you can put a good deal together you'll find the money. Most of my investors are NOT relatives FYI.

[waycrosswire1]

@benquicks well you cant spell anyways

[mpo9]

15....really....? More like 5-6 ways with a slight twist ... thank you for your contribution though :-D All the best

[renobible]

Great info



[TheREIMaverick]

Hey, I just wanted to comment on your video....I really like it and I have shared it with some of my firends on some of my social networking sites! NICE!!!!

[showem88]

I just had to comment, great job on what you are doing! I like your video! to your success!

[altha2008]

nice, I used some of them. thanks for posting for free a lot of people does this and charge people. I was thanking about doing someting like this as well for free because I want people to make money, buy them a home and be happy.

I used the wrap a lot of time on mutl units. letting the renters lease option their units

[mytubeyupyup]

Michael,

What is a good way to find end buyers?

[localmentor]

@mytubeyupyup I have a video at my website - youtube won't let me post a link here but it's michaeljake and add (dotcom)

[lovemynation247]

@mytubeyupyup There is a link just for this at nocashdownproperties and add (dot com) I think its a pretty good site. Hope that helps

[heightboosting]

Would you say all these methods could be applied for commercial properties as well : apartment buildings, shopping centers ? Do you invest in commercial as well, buy and hold ? Do you have a facebook page btw ? Thank you sir

[localmentor]

@heightboosting - sure, but start real estate investing with houses. just google my name - I'm on facebook, linkedIn, blogs, etc.

[vitaxa2010]

i would love to meet you!!

[pgpeachess]

i used to buy houses for rehab and then resell them, so i'm new to this type of transactions. the agent said that the lender would not approve an assignable contract on a short sale; that means that i can only resell it to the end buyer under an LLS method? i just want to make sure i understood correctly from your response to one of the comments. nice video!

[localmentor]

@pgpeachess LLC method works great so long as you sell to an investor paying cash or using hard money. This will not work with any buyer using a residential mortgage to buy. That type of funding will require the buyer to take title in their own name.

[pgpeachess]

@localmentor

thanks!

[altha2008]

@pgpeachess some state are outlawing assigning contracts. in Forida the Florida real estate commission is passing a law next year stopping it. They feel you are actually working as an real estate agent because you never actually gain title to the property

[redtrolleyhomes]

Very interesting video..Ill take this as a great tip..Additional info

[MrIncomeProperty]

can i get some money from you? for numba 16

[bizznesg]

Can you elaborate a bit more on method #8 Assigning a Short Sale. Looks a bit risky, in terms of the seller coming after you in a negative manner, if your new buyer messes up for whatever reason.

[localmentor]

@bizznesg - issues around short sales have evolved dramatically. To flip a short sale deal, I'd use my LLC method described in another video and sell the LLC - this is for cheap deals where your buyer will be an investor - NOT for flipping to a retail buyer getting a loan - very few lenders (maybe only one left) to do that - pretty dead as a business model.

[TheStockDayTrader]

Sounds easy but its not

[RLJ93727]

Very nice real estate video

[juicyfruitzy]

is there any to contract assignment on a short sale so you don't have to do a double closing?

[localmentor]

@juicyfruitzy - you can add that in the contract but it's likely going to get killed by the lender. If it does pass, you'll need to get your fee from the buyer - if it's a retail buyer, they likely won't understand or have enough money to pay you and their down payment and their closing costs (which would likely kill the deal)

If it's an investor buyer and they are paying cash or hard money then it might work.

Most of the Shorts i offer on are MLS listed and I use an LLC as buyer and sell it

[localmentor]

@localmentor - selling the LLC to the buyer and then closing to oontract works, again, with an investor buyer, your retail buyer can't do the deal because their mortgage lender will want them personally on title.

[danjsavage]

for short sales, do you have to be a licensed real estate agent to do a short sale?

[localmentor]

No, but you do have to follow you states foreclosure laws and disclosures. many who work volume short sales get a license to make money on some they can't (or it doesn't make sense to) double close.

[buryyourdead14]

THANK YOU. THERE IS A GOD

[Joshforeclosureblank]

Good stuff.

[doctorbusiness]

Here is my case: I have a property in Grand Blanc,Mi. right next to Warrick Hills golf course, (where Tiger Woods plays).

The seller wants all cash, end buyer cannot qualify for a mortgage right now, Their income will pay $3,000 per month. Here are the numbers:

Condo-Home appraises at aprox: $ 275,000, seller desires $267,000

(we have purchase funding for 30-days) must have an end-buyer at close,

How do I get referral or set-up fees? property under contract 30-days! Help!

[philotaaveti]

there is millions of dollars in advice here

haters hate investors invest

[localmentor]

no, I've trained people in most states

[HyeTalian]

is your mentoring and methods only helpful to people in colorado??

[stonecoldjason]

mentoring is a scame do not fall for it they get your money with the promise to hold your hand threw deals, and you can never get in touch with them

[Flammingos]

@stonecoldjason That is a bit of a joke... I have a mentor I've been talking to for 2 months and yea, he did hold my hand, but don't bash it because you haven't tried or you got burned.

[HyeTalian]

hey mike, i sent you a message, check yoour inbox.. but im from Massachusettes an anxious to invest could you help me, here, being from massachusettes, or??

[localmentor]

I gave you several variations in there, I just didn't label them with a number. re-watch the video!

[secsyme]

This info was great but... ;o) You stated there are 15 ways. You got to # 11 "100% Owner financing" and then the next subject was "Lease Option" (#15). I really would like to hear options 12-14.

[4realestateleads]

I've watched several of your videos and really like them. You're one on one helps are by far your greatest service.

[localmentor]

yes - it's a contract for deed, no deed of trust, you can and should file a cloud on title like a memorandum or a performance mortgage/deed of trust. The actual deed gets - or should be escrowed till paid off - likewise a Q/C deed should be escrowed in case of default.

I typically use ILC only when SELLING, not buying. I have used for buying, but only for short term solutions. I prefer buying subject to or owner financing so I dont have to worry about the seller messing up the title.

[KuNkLe81]

Great info! In an Installment Sale, there is no Deed of Trust, just a private contract which is held privately between you and the owner? In what case would you use this type of deal? Thanks again!