So you want to get into real estate, for personal or investment purposes, but you just do not have the cash to get you started. Purchasing real estate is still possible even with out a down payment.
Below are a few techniques, provided the seller is willing to negotiate and has a genuine interest in selling the property as soon as possible.
Buying with no money down.
The simplest method for real estate investment is to take over their mortgage payments. This is called assuming the mortgage. Naturally, you will need to be approved by the original lender to assume the mortgage. If you cannot be approved for an assumable mortgage, you may also try a subject to assumption mortgage, which means that you make the monthly payments while the property remains in the seller’s name.
What if the seller asks more than what the balance is on the mortgage?
If the seller wants a higher price than what is owed on the mortgage, you can still assume the mortgage and then get a second mortgage with the seller for the remaining cost of the house. Offer the seller a high interest-only payment for a short period, for example two or three...
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