How to Buy a Property Without a Down-Payment
Income Hacker with Ryan G. Wright
English - October 21, 2019 15:45 - 39 minutes - 35.8 MB - ★★★★★ - 63 ratingsInvesting Business Education Self-Improvement financialfreedom wealthbuilding entrepreneurship familylegacy incometips investing realestate Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
If you’ve been looking for your WHY? look no further than today… Coaches Corner is on your way! Income Hackers welcome to Coaches Corner, the show where you get the chance to experience a LIVE personal coaching session with people from every background at any stage of their real-estate careers.
Today, we’ll take a deep dive into the many ways you can get financing, and how to do so even without a down payment. We will learn how to make deals happen regardless of your credit or cash flow, building cash-buyers lists and skiptracing them; we’ll get into wholesaling in detail without your own money, plus joint ventures, partnerships, and much more.
Toby is a general contractor and a handyman looking to get his hands into real estate investing but hasn’t got the cash flow required by most hard money lenders. He’s also been struggling to get his hands on lines of credit due to a medical-related bankruptcy just under 2 years ago. Thankfully enough, there is always a third door when it comes to real estate investing, and Ryan will open up his eyes to the assortment of tactics available out there, to open up the game plan and start churning out the deals (and use his experience as added value)!
Toby’s background:
Toby is a former general contractor and handyman from Richfield, Utah. Been remodeling houses for 20 years. Looking to invest in Colorado, Florida, California, and wherever the market is best. Toby’s WHY? Having financial freedom and being able to afford opportunities for the whole family. A business owner doing remodels and constructions for other people. Hasn’t invested in real estate so far, but is a homeowner and a former renter of 27 trailers. Toby has a good credit score, even though he went through bankruptcy just a few years back.
Podcast summary:
06:39 - How Toby has been looking for properties and what’s keeping him stuck. 08:55 - What hard money lenders offer related to the ARV of the property and how is it possible to get 100% financing. 12:25 - Toby’s credit status and financial history 13:08 - Getting a business line of credit, either a true line of credit or credit card stacking, and how it can save you money versus using a traditional lender. 17:05 - Getting a line of credit on your house and going through local credit unions. 20:37 - The value in finding a business partner and syndication. 23:22 - Joint ventures through debt or equity. 25:55 - Finding a business partner. 27:48 - Buying cash-buyers lists and skiptracing. 30:21 - Balloon payments: paying interest rates when selling the property. 32:21 - Wholesaling and building a buyers list. 35:17 - Being the source of the deal and killing two birds with one stone.
Episode Resources