Real estate Is it really possible to purchase real estate without using your own money?

[Preacher]

I keep getting emails from a person who says he can show me how -as a Canadian citizen- I am able to buy real estate and flip it without using any of my own money.

 

[Jasmine]

This is not true. If you are being offered to make money from real estate investment without actually investing your own money, this is likely to be a scam, or could be something that has a lot of clauses which stops you from making real money. The only way to profit from real estate is by either investing in properties so that you can sell later, or broker a purchase deal so that you can earn fat commission.

 

[greenieS]

I think it's a scam you presented above. The only option is to be the sole owner of the property, so that you can sell it later. You can't buy without your money. You wouldn't have full access to it, so it's probably a scam.

 

[Caramelle]

I've read about this method a long time ago and you can probably do it even if you're not a Canadian. The trick is to find a property for sale that you know will be quickly saleable. The next step is to talk to the owner of the property about your desire to purchase it and to ask for information like the selling price and some documents like a photocopy of the title for checking. You can also haggle with the owner at this stage. Once you have all the details you need about the property, you can start selling it actively to potential buyers. If you're credible enough, you can ask for a downpayment and use that to seal the deal with the seller. When the buyer pays in full, you can pay the seller in full and keep the rest to yourself. I In this scheme, you don't actually take ownership of the property as that would be too tedious and costly with all the transfer fees and transactions.

Another way of going about it is by actually taking a mortgage on the property and quickly selling it to interested buyers at a profit. Once you get the full payment from the buyer, you can use it to pay off the mortgage. We can do this through our government housing agency because they don't really charge us for pre-terminating the mortgage. Some banks will likely charge you for prepaying so that's one thing to check before you take out the mortgage.​

 

[Mandy96]

Well it might be possible in some ways though but I am not quite certain if any of those methods do workout here in my country. There is a funding program I came across online specifically designed to assist real estate agents. It is in form of loan. They allow you to tender a proposal and they will go through it checking if they are gonna make good profits from it. They invest in your business idea. It works more better for agents that has a property to renovate and sell for higher price and if it happens that such person does not have enough capital to fund the renovation, that is where they will come in to help out with the adequate funding.

 

[Sotherefore]

First of all you really have to be careful about such opportunities because they are not likely to be true and I will suggest that you have to research on the internet about the conditions needed for you to purchase a land in Canada and so many other countries just to know if the mail that was sent to you was actually from a trusted site or scammers.

Maybe there are ways a person can be able to invest in real estate even without having money but this is mostly applicable to Canadian citizen because if you have an opportunity to work and the country the government may give you an opportunity to get a house you are applying for or any other property and the money may be deducted from your salary and something like that.

Maybe that's the only way you can be able to buy a property without using your own money or just by getting a loan which you still have to pay back and a lot of people do not consider this as the best option because of the potential risks involved in getting a loan in starting up a business or doing any other activities .

 

[btaliat]

When I read something like this. A story of a man that's averagely rich but wanted to buy off the most expensive estate in his vicinity, how did he do do it?

He went to a mortgage bank for a loan to secure the estate, despite the fact that it is the most expensive. Though the bank manager was curious on how would repay but he assured him of repaying even with interest.

He didn't sell the estate as many would think. What he did is to rent the estate out to some influential people and use their house rent to repay the loan he obtained from the mortgage banks.

He has repaid the money even before the expiry date because he rented it out expensively since the estate was the most beautiful and expensive.

People may have different ways of getting into real estate management without having much but they must be smart with it.

 

[HayKay]

In developed countries it's very possible - that's when you have a company or say a real estate agent or agency stand as a suretee for you or they loan you the money to buy it and then once you flip it, you pay back.
Another way you can do this is when you act as a middleman and get the potential buyer to pay you either full or down payment; use their money to purchase the house and then take out your profited or commission.
You can also buy a property using other people's money - where you join say a co-operative society and you apply for credit which is then used in purchasing the house.

 

[allison001]

There are so many of such emails on my phone , but I do not just care to even put them into consideration because there's one rules I have been following in the online space that has helped me avoid a lot of scammers , The rules is that I do not really care to put interest on things which I believe are too good to be true. I Only believe in things that you have to work hard to achieve.

As we all understand , real estate is one of the most expensive investment that most people do not even have opportunity to engage because of lack of money , but yet people are advertising online on how you can easily get property for free. This is not possible because there is no such opportunity anyway.

If such opportunity exists , it could have been made official either by the government or any other trusted organisation.

 

[sincerem]

Hmm, I wonder the kind of bank that will grant you such kind of loan when you don't have a good exchange option for what you want to take. You must deposit a collateral and the collateral must worth it. @btaliat needs to bring an evidence before I can concur em, unless the merchant who took the loan isn't from my country, because I know how my country's mortgages behave. That's why I don't even look up to them when it comes to taking loan from them. Ever since they told my father, that he will not get a loan due to his age being above 60, made me to stay away from mortgages and saving gradually to solve my needs. When the time comes I'll own a real estate property, anyone who gets real estate investment for free, simply got it out of inheritance and nothing else, cos no one will gift you such when you're a stranger.

 

[Ithedicious]

I don't really know because I have not seen it before a situation in which people have to invest in real estate without the person having money to buy roperty . well personally I always believe that real estate property can be gotten into ways .

The first way in which a real estate property can be gotten is from personal savings and this is what a lot of people have been using mostly to buy their favourite real estate properties either for long-term investment or for a building project depending on their decision .

Another way real estate property can be gotten is from loans and the loan can be gotten from other a commercial bank or mortgage bank depending on your choice of interest . I haven't seen any situation that you are opportune to have a real estate property for free without working to earn it .

 

[Augusta]

First, you might just need to be careful about working with the person that sent that mail that person might just be a scam so you need to be careful. but if it is true you can go with the flow because it's possible to sell property without investing

You can start by finding a property for sale that you know will be quickly saleable. Then talk to the owner of the property about your desire to purchase it and know about the selling price and be sure the house is not a scam . if it is genuine you can start advertising the property for sale to get a buyer

So gets a downpayment and use that to seal the deal with the seller. When the buyer pays in full, you can pay the seller and take a commission.