No Money Down – Strategy 1: Move Into Equity
If you’re looking for a house, I encourage you to find one that also serves as a HOME. What do I mean by that? I mean find a house that will serve your family, but if it has a really good equity position in it, let’s say, $50,000 of equity, then you also have with that a really great margin of profitability to make it a really great investment house.
How is this a good strategy?
And while this strategy does not work for everybody, when you do your first move or like my very first move, I found a $110,000 house worth a hundred and fifty. The basement covered more or less my mortgage, but I walked into $40,000 in equity, and yet 3% down payment on a 110,000 was $3,500.
Now just think about that for a little bit. Could you come up with $3500 from a credit card? Borrow it from someone? To walk into making a trade for $40,000?
I made so much money on that house! The ROI is so big that there’s small ROIs, there’s medium ROIs, there’s big ROIs, and then there are ROIs that are so big that you call them a miracle.
This no money down real estate strategy has such an insanely high ROI if you buy the house with a lot of equity, that you realize you’re beating the banks at their game! The banks may want 20% down on investment property, but on your own home, you can get by coming in with a very small amount whether it’s your money or not.
Is this strategy for everybody? No, not necessarily. But it could be the right strategy to buy a home with no money down for YOU!
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