No Money Down – Advantages of Using Credit
Whether you got a good credit or not, listen up! Credit is an asset. You don’t need money and you don’t need credit to do real estate but for the strategy that I want to talk about today, this no money down strategy is about using your credit as an asset.
How does this work?
A lot of people I work with in real estate say “I don’t have the money to buy real estate, certainly not the conventional way. But I got good credit” One of the things that I’ve done with myself and also with other people is you can go to a lender and get yourself pre qualified. If you know how much house you can buy, they are going to look at your income to debt ratio. The Idea is, let’s say you can get qualified for a house if you have the downpayment, and you can qualify for a hundred thousand or two hundred thousand not that is an asset.
When I work with my credit partners, I give them a percentage of the deal. They’re completely passive they’re using their asset they have but they don’t necessarily need money to do this.
Turn your credit into an asset. If you negotiate a 10, 15, or 20% profit position on a home and let’s just say that particular home make $100,000 then just by having to use your credit that was just sitting there doing nothing. A few years from now when that home sells and you get a check for let’s say $15,000 or $20,000 now that is passive income!
I have worked with people that would put up their credit over and over again they love being passive and it’s a great way for them to be involved.
The hidden asset of credit is in abundance. There are a lot of people walking around and it might even be you that has an excess of credit that doesn’t know that they can cash it in at the bank, use it in real estate for thousands of dollars! But now you know! Take action! Do something about it!
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