This is how to you can actually OWN a house without spending a dime and with any credit. This is the stuff gurus are teaching for tens of thousands of dollars.
Richmond, VA, 1995…I was 18. I had finally grown into my teeth and nose, learned how to control my tendrils, and could eat an entire pizza without gaining an ounce. Aaaaahhhh those were the days…kinda. I was also working a series of crappy jobs trying to maintain my apartment and still have the money left over to splurge on Monday’s half price pizza night at Sal’s. BTW, that worked out to being about $4.50 for an entire large, cheese.
I drove a myriad of shitty vehicles costing in the $500 range. I had a Dodge Aries with woodgrain sides and windows that were consistently off track, no ac, and a giant rip in the driver’s seat with a spring poking through which tore my clothes almost daily. And that was the best one…. My Honda Civic had so much rust that you could see outside through the floorboard. I actually came out to find the homeless dude I gave coffee to each morning sleeping in my car; he told me “Whoa, your car is a real piece of crap.” -_- #thanksdude
Buying a house without using your own money or credit.
You know wraps are all the craze right now?! Cutting carbs? Eat a lettuce wrap. Feeling flabby? Wear a belly wrap. Want to wear babies? Baby wrap. Want to spice up your dreads? Hair wrap. Want to avoid an STD? Wrap it up. You get the point. What do you know about a mortgage wrap? Well actually a wrap mortgage. I hope the answer is nothing because if not you really don’t need me much. #Ineedtobeneeded
But first…. Allow me to go into an unrelated story that I will wrap into this theme. See what I did there? Yea…
How to actually buy a house without credit and very little cash!!!
I know if I have said it once, I have said it a thousand times. I was a born entrepreneur. I was always thinking of ways to “start a business.” This brings me to….the fourth grade….
It was the last day of fourth grade and all us kids at R.C. Longan Elementary School had been anxiously awaiting this day. Allow me to digress but only a touch. This was the year that we learned about “accounting” at a nine-year-old level. We learned about money and checks (no such thing as debit cards then). We each had a paper cut-out of something which I do not remember. It might have changed seasonally. For each A we got two hole punches and one for a B. If we had good citizenship all week, a punch. We got punches for basically everything that was not just being a little shit. These punches equated into money. We were earning for the Big Buy on the last day of school.
Step by step, how to own a home without credit and only the cost of closing.
I was in my 20’s and also exploring my hippie phase, don’t judge. More accurately, my friends from my teen years had morphed in to Phish Heads and I occasionally had to throw on a flowy skirt and a ruffled shirt. In retrospect, I looked a lot like an extra for Pirates of the Caribbean.
Now, I was doing alright financially for a 20-something but most of my friends were not ambitious unless it came to “scoring” Phish tickets or weed. So that sets the scene for how I acquired a new buddy.
Last week I told you about, in 1987, I, with my two accomplices April and Michelle, decided that a red drop of paint was blood and we set off to solve a mystery. We should have been charged with a B&E that day as we broke into the cage storage units in the apartments where we lived rummaging for “clues.” We did not get a charge but we did get a cat…two kittens in fact. #mom&dadyourewelcome #bestkidsever #surprisepets
I also told you about how talking to my sister Sunday afternoon about our imagination lead me right into how imagination is the wide-eyed love child of creativity. And let’s face it folks, creativity is really what separates successful investors from those who are just wish-sessful.
We discussed Owner Financing, Subject to, and Wrap around Mortgages. Click here to read up on what you missed. Now we are going to delve into the wonderful world of creative deal structures where you have the rights and responsibilities of the owners but not as much of the liability….oh and zero upfront cost. Thought that would get cha!!! #doesnttakemoneytomakemoney #nomoneydownrealestate
I will also focus on each of these aspects of investing individually in the next few weeks. Are you ready? This is the stuff that REI gurus charge tens of thousands of doll-hairs to share with you. Just kidding. They don't actually take doll hairs; they want dollars, and lots of em.
I was born an entrepreneur. I am pretty certain that I was peddling passies in the hospital when the nurses left the room.All of the other kids in the neighborhood were riding bikes and playing with dolls I was selling jewelry out of a catalogue and creating a back yard consignment shop. At 21 I became a real estate investor and fell in love. This was/is/ and always will be my passion. I have been madly in love with flipping, holding, and writing offers on real estate that seem crazy for 18 years. Ladies and gents I am willing to share the love of my life with you. Maybe its polyamory maybe its jut because I can’t shut up about it. Either way I will be sharing every mistake I ever made and the lesson that came from it. I love questions. Please ask away!!!