Home for sale. 3 bdr 2 ? b
Newly remodeled. Lge lot.
No down. Call 555-555-7777
We finance anyone!
Low down, easy terms.
Call NOW! 555-555-7777
Chances are you have seen these ads or something similar. When you checked them out, what were you told? Let me guess.
If you don’t want to put any money down, you have to have a FICO credit score over 700, and the higher, the better. This might have been the first time you ever heard of FICO. And you recently had a couple of small bills that you were late paying. There goes the FICO! Well, maybe there’s another house you can look at.
Nope! The next one wanted you to show proof of income for the last two years and you have been trying to get your business up and running and have been plowing everything you make back into the business.
Wait. Here’s someone that will finance anyone! You’re making good money in your new career and have been doing it for 5 months now. Your commissions have been super! You are leading the crew and you know it will only get better. You’re actually making more now than you did in your last career. But you don’t qualify! You find out that on commission positions, you have to have a two-year track record.
At this stage it’s normal to stop and ask, ‘What’s going on? Can’t I get into any home?’
Yes, you can. There are several ways. The first way is one seldom, if ever used by anyone other than investors but is one of many investors’ favorites.? It is called buying a home Subject To (or Sub 2) the current owners’ existing loan. The loan stays in the name of the current owner but you get the house.
Don’t believe it? Why on earth would anyone do that? Well, for various reasons and they do it every day.
Another of the professional investors’ secret ways to take over control or ownership of real estate is through ‘lease options’ or ‘rent to own’.
We'll take a look at both of these, but first, you have got to find the Motivated Buyer.
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There’s another highly recommended book called ‘Zero Down Real Estate Investing’ which also deals with ‘no credit’. Check it out.
It’s really written for investors, but I keep telling you - discover what the investors do and you can get your dream home with no qualifying and no credit!
