How to Buy Your First Deal with No Money Down
In this Show
Uncle G brings it for free every Monday with captain Ryan. Today on the show Grant advises to not chase your budget. Finances are won on offence. When you don’t have money, you need to get other people’s money. Who’s got your money? Don’t buy deals you wouldn’t look at if you had a bunch of money.
The fact is, we all get stuck finding money no matter how rich you are, so the thing to keep in mind is the deal is what matters, not how much money you have. Most people do deals based on how much money they have. There is no such thing as no money down because you will have to exchange something with them—sooner or later the money will have to come from somewhere. Where can you go to raise money? It’s out there, you just have to find it. Act as a broker and act like you know what you’re doing.
Here are 3 things to ask before going into any deal:
1. Ask a woman to tell you how she felt around the property. Just like when you go into a room, you know how it feels. How does the property feel to you? This is subjective, but ask yourself this.
2. Go over the numbers, the T12. This is objective. Do the numbers add up and make sense?
3. Go look at worst case scenario. Go look at the worst year ever. Will it still break even if another 2008 happens?