Oakland Buying property - NO MONEY DOWN
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Buying property - NO MONEY DOWN in Oakland, CA


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    • Buying Oakland CA property with NO MONEY DOWN


    If you've ever had insomnia and watched late night television you may have seen the infomercials telling you that you can buy real estate with no money down. But can you really purchase investment Oakland property without having any cash The answer is, yes!.

    Anyone can purchase Oakland property without having any cash, but it's not nearly as easy as the gurus proclaim. Can you do it even if you have bad credit Yes, but it's a whole lot easier to do it if you have good credit.

    In fact, with good credit it's easy to get cash when you buy. Here's how you can get paid when you buy a piece of Oakland property.

    Example Oakland vacant lot is for sale for $100,000.

    1. You ask the owner of the Oakland property to give you a note for $30,000 secured by other Oakland property you own or even as an unsecured note (you can put a VA clause in the note allowing it to be moved back to the subject after the closing).
    2. You get a conventional loan for 75% of the sales price.
    3. You ask the seller to pay your closing costs.
    4. You ask the seller for a carpeting allowance of $2000.

    Here's how the deal works;

    - You buy the Oakland property for $100,000.
    - You pay the bank on a $75,000 mortgage.
    - You pay the owner on a $30,000 mortgage.
    - The seller pays your closing costs.
    - The seller pays you $2000 for carpeting.

    If the Oakland property is rented out for $1000, you collect the rents and security deposits.

    In the above example the buyer would walk away from the closing with a $100,000 Oakland property, $5000 from the over finance, $2000 for the carpeting, and $2000 for the rent and security deposit. That's a total of $9000 for buying a piece of investment Oakland property. NOT TOO BAD.

    Will every seller be willing to do this deal with you No, maybe only one seller in ten or twenty will be willing to do this deal. But there are sellers who will do this deal. What you have to find is a motivated seller.

    What makes a motivated seller

    - An owner who is in Oakland foreclosure.
    - An owner who got the Oakland property as part of an estate.
    - An owner who no longer wants to deal with tenants.
    - An owner who is in Oakland CA divorce.
    - An owner who has been transferred out of state.

    Now that you've bought a Oakland property and put money in your pocket be prepared to deal with the tenants.

    Good Luck!


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