How To Buy A House With No Money Down
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- Опубліковано 27 вер 2024
- Buying a house without shelling out cash for a downpayment may seem like an impossible feat, but it's not! My sons have done this before and let me tell you: you can do it, too. In this episode, I'll share with you my personal experience and give you useful tips and strategies on how you can buy a house with no money down.
To your abundance!
Doug Andrew
Key Moments In This Episode
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01:23 This one concept liberated hundreds of thousands of people
02:08 The secret
03:44 Look for this type of homeowner
05:01 Getting their attention
07:31 Bypass the middleman
10:07 Creating a win-win situation
What To Watch Next
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This may be good advice for someone who's a professional financial adviser. Ordinary people would have a very hard time convincing a seller to trust them to build on the equity of their former home.
Exactly! All this info sounds good but no ordinary person can do this
Bradley P: Agree. This is for other financial advisers of how they can increase their profit by buying
a home from home owner, it is not for me. It always amazes me of how I will never learn from videos
of educated professionals!
Thank you, getting first time home is just a bit over my head at the moment... glad I went to comments...
5:10 to get to the meat of the video!
😊
That was the best. I just need to know how to say that without someone thinking I am trying to rip them off.
Celeste, this world is illusionary. Which means that it’s a illusion that anyone would think you would rip them off.....Smile and just do it......
@@massdisruption3437 ???
Everyone thinks their getting ripped off always with a guard up
Just tell them you want to pay them interest instead of pay the bank interest.
Facts!!!!
Questions 🙋♂️:
1) So you make the payments direct to the current home Owner?
2) You technically will not be the home owner until the 162k is payed offer, correct?
3)Where do you finalize this Mortgage Contract? Both sides come to an agreement on payments amount then get it notarized somewhere?
Great video by the way. Made my whole vision on something that seemed impossible, possible with just a little homework. Thank You!
Did you ever get a answer to your questions?
do you know how
@@realshit4344 I’m guessing the people in the comment section don’t get that info. We gotta pay the guru?
1) make payments to an Escrow account. The account then moved the money where it is designated to go.
2) the title deed would be put into your name so it is your house as long as you keep making the payments.
3) can get help from a title company. They usually have answers or know someone with answers
So I’ve research enough to make learn the answers to your questions.
1. You do not make payments to the owner. The owner is paid Thru an agency like escrow to help make transactions civil. You can however make a creative legal agreement to pay the owner without the middle men. But that’s very risky. So majority of people pay escrow who them pay the owner their part.
2. You are not the home owner until the term of the agreement you and the owner and escrow made. So if you have to pay that amount you mentioned before receiving the title then yes they have to do there part and give you the deed to the house. Similar to buying a car but not exactly.
3 the finalization of the mortgage is done with escrow or with a notary public service agent, not necessarily with escrow but I’m sure escrow has agents available. Where specifically I’m not sure, but you can find a notary public agent online or Google for an escrow company to assist with finalization. One is more expensive than the other.
I’m curious what was the payments for the 120k payment plan he set up ?
Doug, what if the seller doesn’t owe anything on the house? Does that help or hamper my offer?
My dream is to buy a home. My family have always bought mobile homes and I want something solid to pass down . I am always good on my bills but adult life tends to get in the way of me saving up more than $1000. I would love to get some mentorship on how to apply this method to my own situation.
Your first step is to find better sources of income...
Go Doug!!! This is Brilliant!!!! Good Deal! Thank you so much for this amazing info!!!!❤️❤️❤️❤️🥳👍👍👍Now we can learn how to get more done with little effort!
How write this up on contract?
This sound amazing, and not to mention easy enough. I just want to know if this works for African Americans in Arizona?
Do it!
I would be happy to refer someone to you, just go to get.3dimensionalwealth.com/schedule and I can refer you.
Doug Andrew - 3 Dimensional Wealth
Thank you for responding. I just made an appointment. I really appreciate the insight.
Heather Robinson how did it go? Arizona is a great place to be investing in.
@@missedfortune Hi Doug, Great video. Can you refer me to someone in Little Rock Arkansas?
I am so interested with this lesson.could you help me buy my first house here in Canada?
He just did
Is there a name for this? I would like to do more research on this.
that was great could you do more videos going more in depth
about buying a house with no money down
Yes! I would love to know more about this too!
It's good but no down payment then your mortgage payment higher I rather put some down payment.thats way the money you put in it's in your loan will reduce your year..but thanks for your videos..
I'm bit confused ( not being very mathematically minded) does your son credit them just the 7 and half percent ? ie 30,000 of the 70,000 . So as well as the 120,000 he also has to pay 30,000 (7 half percent) does he have to pay the 40,000 also ? How were all these payments made ,? monthly to the previous owner? How much per month or was the 30,000 payed in one chunk ? How do you do the mortgage contract do you use a soliciter ?
The home is for sale for $160k, but the homeowners only owe $120k, thus leaving $40k in equity from the sale of the home to any buyer for $160k. The son is willing to continue to pay the loan that the sellers are still on the hook for, and instead of the sellers getting the 40k right off the bat (by selling the home to the son, who would normally get a loan from a bank and need to put 20% down) they let the son buy the home, leaving the equity in it, and let the son make the payments on the principal of the mortgage (the $120k) after a few years he decides to refinance the home with the bank, meaning he receives a loan for $230k, pays the couple the $40k + the 7.5% a year for however many years it was, and owns the house and a nice chunk of cash, or he can get a equity loan from the house to pay the original sellers. I hope this makes sense. If not please research about home equity line of credit or other refinancing tools that will give you more information about equity
Waw! Finally a video set it places just to educate, edify & empower and NOT to take way peoples money. God bless you & your family sir.
Our pleasure! Thank you for watching!
How do you create the contract with that kind of deal? …Don’t get me wrong sounds good you will still have to pay attorney fees and also the house won’t be under your name. ..How you refinance?
I watched this video like 4 times and I still don't understand what he explained the 7.5 %..
The way I understood it, is that Daug Andrew & his son started their sales pitch ( the product they sell is their idea ) by bringing the home owner to the future ( the beauty of turning their 40k into 70k) to arrive back at the present reality of getting the owner to sign a "mortgage contract".
Though he presented it like very simple, This sales strategy needs thorough and precise skills to execute - pretty much back in the days when timeshare executives were dominating the luxury vacation industry:
- The 1st goal is no money down. The homeowner probably were offered a coffee inside their office, and went back home bringing only a piece of paper.
- Inviting the house owner to their office means bringing the owner out from his fully secured castle. This gave Daug the opportunity of control.
- There's no way to win a mortgage contract when you talk about it 1st specially with the above main goal.
- So you see, about 70% of their conversation revolved not about selling of that 160k house, but to the very core of what matters for the house owner the most: Their kids and college education.
So inside the mortgage agreement, Daug may probably will fully pay them 120k after a year of 2, after they secure a tenant that pays monthly rental, and the 40k balance is settled after 4 or 5years plus 30k of compounding interest.
we have to realise that this was decades back. Nowadays, we probably need to involve our lawyer in the conversation inside the office to expedite a contract and secure a homeowner's trust.
With and IUL and Index Laser Fund you are essentially making 7-7.5% on your investment annually after fees etc. im pretty sure.
Way more than having your money in a regular savings account so thats where he is getting that number. Someone correct me if im wrong.
I understood perfectly. 😅
How do you find for sale buy owner
I’m 21, 756 credit core, do have a financed car and money saved up need some help for the next move want to get out my parents house.
At your age, get your income growing and start saving what you can. You're on the right track!
I'm interested
Hey there, you can setup a time to speak directly to an IUL Professional we work with here: www.3dimensionalwealth.com/getstarted
Vid starts at 5:00
Thank you
Douglas, this was an amazing video. I know about owner financing and other creative ways of structuring RE deals, but this method is genius. Thank you for sharing.
Glad it was helpful!
@@missedfortune how to do own the home if you are paying the homeowner ??
How was this genius?? The new owner would now have 3 mortgages to pay. 120k first, 40k second and the payment on the sellers 120k mortgage?
@@billanderson5165 I think he was saying they took over payments to the lender for the 120k and then pay 7% interest on the 40k to the seller
Andrew will you have a step by step course teaching us how to do this?
Dear Sir, you are an absolute genius, thank you for sharing this strategy
You are very welcome
70k subs is too small , people are crazy for not subscribing you
does it work in Australia
Currently this is a U.S. based financial product. If you live outside of the United States, but have assets in the U.S., you may be able to use this product. You can meet with a specialist here to find out more: 3dimensionalwealth.com/getstarted/
@@missedfortune No assets but I do have family over there.
AWSOME
One of my favorites of yours!
I heard of this concept several times, however, this was the clearest explanation. Would love to be your student and pay it forward by being of assistance for gratis. Ava
Glad it clarified things for you!
I get the concept but what is the debt to income ratio for the sellers if they keep making payments on two mortgages on their credit bureau? Is there a contract that alleviates that?
Every lender is going to have their own debt to income ration requirements. However, if you have the seller finance it, the seller is going to have to approve you and they will have their own ratio requirements.
Debts can only be paid in gold and silver . It's in the constitution .
What professional does one go to, and what's the name of the contract between the buyer and the seller for the buyer to take over the house payments?
Thank you for the video!
I have worked with Anthony before. He is worth talking to. Just tell them I sent you and Anthony will be the one to call you back: bedrockinvestmentproperty.com/contact-us/
I'm assuming you drew up the contract yourself. Where would a person that does not know how to formally write a contract go to when buying from owner?
Are you available as a consultant for hire on personal explorations ? Seems like a win/win to me.... so many unique situations
I do not personally consult with anyone anymore. I have now dedicated myself to teaching and educating. If you would like me to introduce you to a specialist, I would be happy to. Just go here: 3dimensionalwealth.com/getstarted/
It sounds good but what if they answer with they are trying to use the equity on something immediately? Do you just move along to the next? Asking for a friend, thanks
One of the first rules of real estate is to be patient. You have to find the right house with the right buyer when being creative in your purchasing strategies. So, yes, you may have to move on to the next house or opportunity.
@@missedfortune thank you !
i dont know were you from, but here in canada no money, no candy thas it
Yeah because this situation just falls on your doorstep! How many REAL people would agree to this
I was told that there are no more assumable mortgages available since 1986. Is that true?
Assumable mortgages are very rare. Generally you would need to be creative with a "lease with an option to buy" type of a strategy.
Isnt that basically subject-to?
This makes a lot of sense. One of those thinking out the box situations.
The loan has to be assumable correct? Was there a due on sale clause? Did you have to pay a fee to the lender or qualify?
Assumable loans are hard to come by these days. If you can't purchase it on contract due to a due on sale clause, you can look at a lease with an option to buy.
Most all mortgages have a "due on sale" clause. How do you get around that?
My question is how the seler paid $120,000 to bank they owed?
Or your son did subject to deal ?
Any suggestion for asset-rich retired folks? For example, we have $2.5 million in retirement funds and a $400,000 house that was paid off years ago. The problem is our DTI is > .40 so we do not qualify for a traditional mortgage. We choose to limit our income because we do not have any major expenses and we save over $25,000 per year in health insurance premiums via Obamacare and our tax bracket is 12%. We are keeping our house that we own outright for our children and not selling it in the next five years...A Roth IRA would be a good solution , but my corporation did not have one. We could easily increase our income, but that would change our tax bracket from 12% to 24% and we would have to wait to 2023 for a higher income history to get a traditional home mortgage.
Do a video on laser fund
You sir are brilliant! I just wonder, will this work for a single mom?
Yes, absolutely
@@missedfortune how so? Can you show me? I have no money to put down, but I do know what I bring in. I have worked through the entire pandemic, as I am an essential worker. So, I can afford a mortgage, but no money for a down payment as I have helped other members of my family that weren't so lucky during the pandemic. Can you offer advise or tell me what I need to do for my next steps? Thank you and it is much appreciated
How do you find those properties?
Great advice 👍
Wheeeweeee He is so smart!
So how do you structure a contract of such a deal?
What is a laser fund?
ua-cam.com/video/QLRYRroeRjk/v-deo.html
You can access a copy of the Laser Fund book for free with a nominal Shipping & Handling fee here: laserfund.com/free
Thank you 😊 never understood better than now
Dont you have a profit taxes?
Can this work with a foreclosed or pre-forcloser home? Thank you for this amazing info!
Possibly, but would be much more difficult.
Wait What
That was a great story! Thanks for sharing!
Thank you Janet!
@@missedfortune Did he put the $40k in an IUL? my IUL did 29% last year. Unbelievable
he could then barrow out the $40k if he needed to cash them out at anytime..?
@@Thatonetomboy225 what funds did you pick? i have a policy that did 14-15 % return and my mothers policy was 20% last year
@@Thatonetomboy225 i thought you need to pick a good fund that will give you a high rate .. im with metlife that now is massmutual .. im thinking i better max fund this so i can get higher retirement $
Can I do this in Germany legally?
Information is very very important.
What contracts would I need for this strategy?
is in your example. does that mean the percentage I would have to offer the seller is a higher interest than the current mortgage on the equity or as long as it is higher than their alternative form of passive income ( in this case bank interest).
Yes, to your second question.
Still made no sense 😥
i dont understand what it means that they would credit him 7.5% on the 40k in equity tho, how did that work ? they would pay previous owner each year or what? would he be making payments on that too??
this is possible but I think depend so much on the circumstances. wont work everytime or in big market
Amazing breakdown, true pro
So... where is the 7.5 percent interest getting generated from? Are you basically using an IUL that you had funded prior to the transaction and taking a loan against it to pay the interest amount, ans your son assumed payments to the seller in an agreement to pay through a third party? What did I miss?
Subject to and seller financing! Excellent!!
How would I write the contract to force a discussion? Or it just a verbal offer?
I’m lost… I don’t have any money. I just want to know how to get a house with now money down
Government grant
wowww!! great info!
Thank you for watching! Glad it was helpful
Wish I had that kind of help
Great video!
It’s not that sample
For the regular folks saying this is impossible to do, please stop thinking like that you limit yourself from opportunities. If you are scared do some more research. I promise you this video is just a kickstarter, once you build the foundation you will be able to do it.
Where can I get the mortgage contract?:)
so if I got this right, your son paid 7.5 % interest on the 40k loan but what about the other 122k loan interest amount ?
He was also paying interest on that loan as well.
I liked the idea, how your son could cash refinance, when house is still in the name of old owner ?
How quickly can you “
borrow “money from your whole life insurance?
You can structure an IUL, not whole life, to have immediate access to money if you want/need. But you have to have the right specialist know how to do this. If you need a referral, ask me for one here: 3dimensionalwealth.com/getstarted/
My missed Fortune was when I asked my wife to invest in Google shares when they were at 50 cents a share I told her I would like to stick $250,000 in Google stock from our portfolio when I was only in my 30s.. she said it was too risky again I lost out
You’d be one wealthy s o b right about now
damn , u d of been hella rich now, i only bought 30 shares when they were at 27/share, should've got more myself
Could you make a video on investment mortgage for rental purposes . Is it possible to buy a property and make sure that the rent covers mortgage cost and any additional fee like maintenance fee and taxes ?
I live in Brooklyn New York, can I purchase a property in Nevada or Arizona?
Can I work with you?
Great question. You will want to schedule some time with an IUL specialist who can answer more of your questions and even run some examples for you: 3dimensionalwealth.com/getstarted/
There’s a hint of Jeff Goldblum in your voice
House's in NY ,Brooklyn, Queens is ridiculously high for low quality. Im talking about a 40 to 70 year old house for 1mill. How do I get around that
The problem is how the seller could trust you with the credit you write, I don’t think this sounds possible for majority of people who don’t have the down payment.
That's very interesting. Please tell me how do i get Láser Fund?
How can I have a conversation with you?
how would this work to build a home?
Hell yeaaaaaaa
Thank you!
This is brillant. However, I would not do it. Seems sketchy.
This is so situational
isn't this what caused the financial meltdown in 2008??
So the lender allowed them to transfer the ownership and debt to your son? Because he needs that to get the cash out loan
4 minutes in and it’s nothing but chatter
Buying a house by magic
I have to sign a new lease on apartment, I'd so rather buy a home ASAP
The person would have more money if it would of been a 7 percent on the whole 160000 he didn’t know he’s numbers
Does not make sense.
Wish there was people who could do deals like this for you.
This sounds good could you send me a contract!!!!
My stupid brain still confusing. How can’t I not put down 💸at all? I need HELP so badly right now cause I am renting this house since 2013 and got a bad news this morning that the landlord wants to sell it in two months 😢 I never owned a house and all I wanted now is to buy a house but I have no money. Everywhere is skyrocketing right now in Tampa, Fl. 🤦♀️