Posted by Ronald * Starr on November 21, 2001 at 14:05:28:
Andreas-------------
You may not have been studying the CREONLINE.COM site and similar internet sites enough.
You are talking about getting a bank loan. Yes, sometimes there are no-down deals with financing from banks, but they are mostly for owner-occupants. Three years of good credit history is probably enough for you to qualify for bank financing.
But, most of the no-down deals do not involve 100% loan to value institutional loans. They usually involve some seller-carried back financing, either for the full purchase price or for part of the purchase price, with institutional financing for part of the purchase price. Then there are partnerships, where the partner puts up the money. And you can use credit lines and credit cards. Also, one can secure part of the purchase price with other real estate equity or even the equity in a car, boat, plane, etc. One way is to buy cheap and resell immediately, before paying for the property, with your seller providing the purchase funds. Either you do a double-escrow closing, or you assign your purchase contract to your buyers for a fee.
Most no money down appoaches will not work with most properties which are for sale. They work in special situations, usually with properties not listed with real estate offices.
I suggest that you start reading up on the topic. There is a lot of good information right here on the CREONLINE.COM site.
Good InvestingRon Starr*