There are lenders who will do 100 percent financing！giving you a no money down deal. Some one might say, "That's impossible; I never heard of such a lender," I say that just because you never heard of it does not make it impossible!
Yes, 100 percent financing！zero cash down！is alive and well today. But, like all good things in life, you must search for it! This is just an example of 100 Percent No Money Down Investment Property Financing:
"We're getting 100 percent financing on duplexes and four-plexes in this area for non-owner occupied (investor) properties on these terms: 7.5% for the first 80% of the selling price; 10.5% for the remaining 30% of the selling price. On a duplex costing $520,000, we come away with $700 per month positive cash flow (PCF). Thus, we have a zero down deal and $8,400
PCF per year per duplex. This lender will finance a maximum of 10 properties per investor on these terms. So if we get 10 such properties this year, our gross POP will be $84,000 (= 10 x $8,400 per duplex.) We found this lender after searching for a suitable one for many months.
To get 100 percent financing and no money down for multi-unit real estate, take these three steps:
1. Select the type of multi-unit real estate you want to invest in！ residential, commercial, industrial. Why? Because once you choose the type of real estate you'll invest in, your choice will guide your loan search.
2. Prepare a list of potential lenders for your type of real estate.
You can find such lenders by reading the ads run by real estate lenders in your local newspaper, telephone book Yellow Pages, and real estate magazines. Or you can go on the Internet site of such lenders and get this info about the type of loans they make. (As a subscriber to my International Wealth Success newsletter, you
regularly receive the names of real estate lenders in every issue.)
3. Write a multi-unit loan proposal to submit to your lender. You MUST have a written proposal. People call me on the phone and say: "I have a question for you." Without identifying themselves or telling me how they found my phone number, they launch into the details of their project. They rattle off such details as a $17.12 1 per month trash-removal charge. What they don't realize is that:
- It is common business courtesy to identify oneself at the start of a phone call.
- It is common business courtesy to tell the person you're calling how and where you found their telephone number so the recipient of your call "knows where you're coming from," as people say today.
- It is common business courtesy to submit loan details in writing to a lender before demanding an answer. So put your multi-unit loan request in writing before asking for an answer! Few
lenders will give an answer to a loan request without having a formal request！IN WRITING!
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