How to finance a purchase with little or no money

[mathjak107]

Originally Posted by freemkt

AHA! So they are dishonest cheats-and I bet most have good credit.

most have horrible credit or no credit but the city is willing to take that risk by renting to low income. regular landlords are not.

[galaxyhi]

Originally Posted by freemkt

If you have no cash and no credit, you will make your landlords wealthy while you remain poor for as long as you last.

It is their fault if they don't have either.

It doesn't take much to: always pay your bills on time, put a little money in an acocount, put the account up for collateral for a small loan, pay off as agreed, and get a damn credit rating. AND have a little cash to boot!

Anyone can do it!
Biggest thing: pay your bills {all of them} ON TIME.

[mathjak107]

anyone can do it provided they take control of their life and make that income happen or they work more jobs.

it isn't falling out of the heavens for them as free mkt expects or would like some gov't program give it to him or reduce standards ..


once you set a course of financial suicide recovery can be impossible.

[mathjak107]

Originally Posted by freemkt

You know the cliché, money talks and BS walks. (The Barney's commercial made no sense to me until someone explained to me the cliché).

If you have money - cash is king - you can get great deals and that is highly sustainable. My uncle did a lot of condo conversions in the '70s and '80s.

compounding can be one of the most powerful financial forces. it can take a penny doubling every day for just a month and create 10 million dollars.

but reverse compounding can be one of the most destructive. all the things we do to build wealth like own real estate , invest etc all come crashing down hard when things go the other way.

those who fail financially are usually stuck for life as everything they do works against them and compounds the other way.

those like freemkt who committed their own financial suicide decades ago by not taking control will likely only get deeper and deeper in a hole as life compounds against them but never see their way clear.

[SOON2BNSURPRISE]

After reading the posts let me tell you my background.

My wife and I own our home and have every intention of paying it off. I don't like to use our personal home as a figure for our net worth. We like where we live and since we have to live somewhere we figure a paid of personal residence is best. This is the home that we will spend our retirement in. We live a bike ride away from the beach. Lots of outdoor activities around here. Plenty to keep us happy. Weather is mild year round.

We are focusing on building our 403B retirement accounts into the 7 figure range. Our goal is to hit the $5million mark. We are well on our way to doing that within the next 25 year to 30 year time frame. Not sure what the future holds and if our returns will go flat or will continue to hold, still it is better than doing nothing.

In the past, meaning maybe 18 to 20 years ago I had found deals that would have allowed me to pick up rental properties financed by the owner. One 4 unit building was offered by the 82 year old woman that was living in the house next to this 4 unit building. She owned two 4 units that her father had built and a beautifull victorian home that she had grown up in. She was tired of taking care of the apartments and would have helped me pick one up. I was in my mid 20's and had no understanding of what I was getting into. I was there to change the locks on one of the units. She would have helped me get into the place. Stupid me, I walked because I did not understand the deal. Another property was a 10 unit that a realtor was going to help me with. It was a forclosure building that was fully rented. Another deal that I did not understand, or more so was afraid to take on the risk.


Now here I am at age 49 wishing I had done those deals and wanted to see if it was possible to do a no or low money down deal. We are putting money aside for a down payment on a rental home. That is a traditional sale though and will more than likely be for a home that needs some work done on it.

I work in facilities now and can build and repair just about everything. Working on a home that needs something done is not out of the question. Being able to take care of a rental is not out of the question.