Did you know that it is actually possible to get real estate for no money down? In most cases, you will have to place a down payment on any property that you purchase which could be tens of thousands of dollars. This may be required of the seller to show your good faith in wanting to buy their property, and it’s also a good way of minimizing the amount that you will pay per month by lowering the principal amount of the loan. It is actually possible to do this with individuals that are selling their houses that are willing to carry the note for you, which is the focus of this article. I would recommend doing this in St. Louis, as well. They have very understanding companies in the St louis Mortgages market.
Finding FSBO Deals
You can find deals that are being offered by for sale by owner sellers that are willing to carry a note. In the same way that you would apply for a mortgage at a bank, and make a monthly payment, this is exactly what you will do with an owner that is willing to carry where you will simply send them a monthly payment. After you have looked at many different properties, only a few will be willing to consider this. They will want to do a credit check on you just to make sure that you are a viable buyer, one that has good credit, before they will decide that carrying the note is a good decision to make.
Getting The Lowest Monthly Payment
If you want the seller to offer you the lowest possible payment, there are a couple of things that you can do to motivate them to lower the monthly amount that you will pay. First of all, if you do have any cash, you can put a small down payment which will reduce the amount that you actually owe them over the course of this loan that you will be paying on to them. However, for a no money down deal, you can usually negotiate if you are able to do a lease to own option with the seller. These often do not require any money down, something that is dependent upon what the seller would like to do. If they trust you, and if you have good credit, this should not be a problem at all. No money down deals are usually based upon trust, allowing you to acquire properties very quickly without needing to have a substantial amount of capital to work with as you would with those that would require a down payment of any kind.
Real estate does not have to be a confusing way to make money. You can purchase fixer uppers and flip them every couple of months. However, if you would simply like to own your own home and you don’t have a lot of money to work with, you can get no money down real estate by simply being diligent in talking with as many sellers as possible, one of which will allow you to get great monthly payments with no money down on the property that they are selling.