Ever think that you can't buy a house with nothing down?
- Thread starter Angry Pollock
- Start date
Cali chronic
Well-Known Member
Certificate of Occupancy it is called
Owner Occupied Yes.
NON Owner Occupied NO
Lying about it... Fraud 5 years for each count.
Only matters if you get caught or file for BK and someone goes through it with a fine tooth comb. Forensic accounting they call it.
But that is what is wrong with America,,,, mediocrity and cheaters. Not that I am accusing the OP however that is how most manipulate the system.
Like stated loans and putting folks in neighborhoods they don't belong or sky rocketing prices because of things being sold to people who don't belong in the hood and pay too much to get in just to have that zip code. Pushing the price of houses in that area to who would be a non buyer but now magically can or could. Creating a false economic value on areas thereby raising property taxes too.
The housing market has always been a good place to park your money or invest---agreed. I SOLD my last place last year and came out okay inspite of all the REO's and Short sales going on. Could have done better but with all that stated loan stuff mentioned above created a real loss of value in the hood that I suppose was never there exept to the tax accessor. He raised it every year, even when my place went down 350 k..
Owner Occupied Yes.
NON Owner Occupied NO
Lying about it... Fraud 5 years for each count.
Only matters if you get caught or file for BK and someone goes through it with a fine tooth comb. Forensic accounting they call it.
But that is what is wrong with America,,,, mediocrity and cheaters. Not that I am accusing the OP however that is how most manipulate the system.
Like stated loans and putting folks in neighborhoods they don't belong or sky rocketing prices because of things being sold to people who don't belong in the hood and pay too much to get in just to have that zip code. Pushing the price of houses in that area to who would be a non buyer but now magically can or could. Creating a false economic value on areas thereby raising property taxes too.
The housing market has always been a good place to park your money or invest---agreed. I SOLD my last place last year and came out okay inspite of all the REO's and Short sales going on. Could have done better but with all that stated loan stuff mentioned above created a real loss of value in the hood that I suppose was never there exept to the tax accessor. He raised it every year, even when my place went down 350 k..
Angry Pollock
Well-Known Member
like i said 'if i buy no money down' and i don't buy from banks and i DON'T have any of MY money in it, how the hell can i lose? of course there are some areas that you may not be able to make money doing this, but in my area.........chaching. i put a great website in an earlier post and some thought i was spamming for the site. of course you can't do it if you think you can't
growbud
Active Member
dont want to take a cheesy 3 am infomercial course.. im 26 and dont own ANYTHING.. have a few dolars from school coming, im also aware that banks ect. havent the money to loan me in the first place.. so, economy, markwets, bankruptcy really meansd nothing to me at all. ie "fractional reserve system".. my question is HOW DO I START>>>> pm or sumthing i'll break you off to make me the apprentice..lol but im SO swerious!!
Angry Pollock
Well-Known Member
start by going to www.creonline.com much free info there, go to local library get books on creative financing, Trump has done alot of this on a larger scale
MrDank007
Well-Known Member
Trump does large commercial deals where he can take advantage of non-recourse financing, something I have never heard of in residential. For those of you who don't know what that is: In laymans terms it means if one of his deals goes tits up, the lender can only go after the property minus what is called bad boy carve outs (if he commits fraud). Essentially, that is the limit to his guarantee and if a deal goes bad he only loses his equity in that deal as it will not slide into the rest of his portfolio. To double reinforce this, title in all of those deals are held in SPEs (special purpose bankrupcty remote entities).
While you claim to have no equity in any of these deals, you can lose as your credit and your personal guarantee is on the note...most likely with full recourse. So if one of your deals goes tits up...the big picture beyond that deal is at risk as well. I quickly perused the website which looks to be nothing more than your typical no money down scam deal. It advocates hard money (absolute rape) LOCs and other forms of getting in debt up to your eyeballs. What you are not explaining: is fine you get no money down (even in today's credit crunch), but how are you servicing the debt with no income?
Why don't you walk us though a few the specific steps of your deals?
Angry Pollock
Well-Known Member
hard money in the RIGHT circumstance can be very profitable. did a deal on a 4-plex, the owner already had owner financing from a fellow in Fla. he wanted 55k, but i knew it was too much management intense for him as he lived 25 miles away, he sold it to me for 40k, he had about 5k left in equity and agreed to accept payments for his equity @ roughly 420.00/month i took over his obligation to the man in Fla. @300.00/month, i take in 1700.00/ month, so i now, 2 yrs later don't owe my seller a dime, all paid by rental money, let's see....300.00month from 1700.00/ month is 1400.00. oh yea the land taxes are only 650/yr. i pay no utilities. in about 2 yrs or less i will own it. i always pay more than 300.00 / month to him btw. i can get by on 3 being empty but i haven't had to. the interest to the man in Fla. is 0%, now lets see, tits up? i doubt it
Angry Pollock
Well-Known Member
not sure what an 'arms length transaction' is but the guy that sold me the property also handed over the security deposits, around 1200.00. and once you get some deals going you can open a 'self directed IRA' and borrow from yourself, just so happened one of the best in the country at handling self directed IRA's for RE investors is in my town. Are you saying this doesn't happen all the time? that's because you have to weed out the dreamers. And as far as my credit going bad, none of these deals has ever shown up on my credit report, not that it matters
Angry Pollock
Well-Known Member
I didn't use 'hard money' to buy the property i described, i was just saying 'hard money' has it's place, i used hard money a couple of times when i knew i could steal a property and turn it over fast, it's not good for long term investing imo
MrDank007
Well-Known Member
That is because those loans are not recorded. Arms length means a typical market transaction
Angry Pollock
Well-Known Member
of course they aren't 'typical', that's why i love this stuff, you actually have to use your creative mind and become a problem solver. there is nothing illegal about what i do. for most young people it is useless to go to bank, not that i would anyway, don't need too. they have to know their limits, but if they are willing to have an open mind this can be done. of course if you don't think this can be ,you are correct too. i made damn good money buying mobile homes cheap (800.00- 1500.00) doing minor repairs, and putting them back on the market 4 at least 3x what i paid, i usually got a down payment for at least what i had in the MH and would finance @ 8-10%. google lonnie scruggs
now let's see, 8-10% on money i don't really lend is really what? at least 3x times what i have in the MH is how much profit? my calculater says....chaching, good enough. every person that wants to think creatively should read 'think and grow rich', while it is an old book it still rings true today
UH, if you would've taken the time to look over creonline you would realize it's alot like this site, you can ask questions and get free advise, just like here. now if you want seeds, they advertise them here, if you want a real estate course, they sell them there.
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