okay Tom here from flip anything USA taking a drive driving by my property's
driving by some that I tried and missed and failed to get and others that I'm
still working on so I want to talk to you about nothing down
Nothing Down Deals DO Exist - But not like you might think!
people think about noting down deals and and listen they do exist but when I say
nothing down you know the idea that somebody's gonna just say here take my
property nothing down I mean maybe grandpa would do that for
it but in general that's not gonna happen
but you can create circumstances and tie up properties that are valuable that are
essentially going to be nothing down to you number one when you know values you
gotta know values of property and that's what I do I study an area and I know
what things are worth and then that way at the drop of a hat when somebody gives
me a price I don't have to go research and I already know it's a good deal boom
I'll take it so that you know I'll tell you lost a property a long time ago and
I'll never forget the lady calling me back it's one that she said you could
have it for two hundred and fifty thousand and I hesitated and I waited a
week and then I realized oh this thing's worth half a million and so I called her
back and I said hey okay I'm ready a little buy it and she said he who
hesitates gets left at the starting gate I can still hear her voice and it's been
20 years but hard less and she said I since I talked to you I have another
realtor called me and he told me if he couldn't sell that property for four
hundred and twenty thousand dollars that he would buy it himself and I don't know
what happened but she was right it was a damn good deal and I screwed up because
I made the call to find out about it you want to sell it without really knowing
what things were worth so you know stuff happens I would be upset if that was the
only deal I ever seen and who missed it but I've made many many great deals so
that makes up for it and I've even had worse worse ones that I've missed than
that so number one you got to know what you're looking at no values okay
back to nothing down nothing down I've taken properties that
I immediately knew her a good deal and said I'll take it and I write it up and
I rather check for $500 for escrow that the deposit if you will and then I've
got 60 days to close or 90 days to close or whatever the most time to close
possible especially in those days cuz I didn't have any money of my own so I go
I would I knew property though I knew the values so I tie it up and have it
under contract we say and then I would go find the money finding the money is
easy just so you know you may not have money and maybe nobody immediately
around you has money but that's okay as long as you know value you'll go tie up
an asset and you can tie up an asset with $500 in a contract with your name
on it and a lot of times it's easier to just say when you're going into contract
that you're you're paying cash because you are paying it's gonna be cash to
them because you're gonna get the money from somewhere else
so you know barring that they don't ask that you prove you have the cash in the
bank you know you'll be fine just tie it up five hundred dollars down or you know
whatever you got you know it could be ten thousand whatever you have available
to you that you can get the deal done so you get it in contract cuz as long as
you know the value but let you know I'll give you a perfect example this is one
of my first nothing down deals I found a property I found a property
that actually the people had gone out of business and I knew that they were
heading toward bankruptcy because there was creditors looking for them well I
did my investigative worth looking for I found out where they were living they're
actually living away the heck out of town and so I go out there and I said
hey what's the deal on this they odd they go we're just gonna let it go back
to the bank and so I wrote up a deal with them that said they were selling
they would sell it they were selling it to me now and so I had a contract to buy
it from them so they were about to go to bankrupt or in bankruptcy and have it
taken away anyways and not foreclosure there's this is a pre foreclosure we
made the deal and I can't remember exactly I made a lot of money I don't
remember exactly how much whole no no I know how much I made I just don't
exactly what the terms were let's just say I was gonna buy it for 110 120
thousand I really don't quite remember now but it was worth you know a good 70
80 thousand maybe a hundred thousand more than that
so what I did though is I got the contract I tied up the asset then I went
and looked for somebody that had money well look everybody knows of successful
people in their town right well I went to an old employer of mine really great
guy John Brooks man great guy he's passed away since but man what a great
mentor what a great role model he was I can tell you when when that man died I
wasn't at his funeral cuz I heard about it too late but I heard there was 300
men at his funeral and there wasn't a dry eye in the place that's exactly what
I was told and I believed it because it was very helpful to to you know he's a
great mentor to so many people so anyways back to the story so John says
to me I said John I got this great deal you know it's worth you know maybe 70 80
thousand dollars more than I'm paying for it and he says he goes Tom that is a
good deal and he owned a lot of property he knew because that is a great deal he
goes but I don't want a partner and I go okay so what do we do he goes how about
I give you $20,000 and you go away and all by the property all by myself and I
said that sounds great so that's what we did we made a deal and basically I
assign my position to him and that's another way that folks who don't have
money can make a lot of money is through assignments and so what I did is I you
know I may change the paperwork to say Tom and or assignee that would allow
somebody else to take my position and so that's what we did John assumed my
position in the in the contract he gave me $20,000 and
done deal that was it so that to me is a nothing
down deal or a flip if you will without ever having to own the property because
that's the best and cleanest when you can do that and now there's other deals
say let me say the first house I lived in was like the fifth house that I
bought I didn't live in the first five homes in fact my first property I ever
bought was a industrial building but I bought probably five houses after that
before I finally bought a home for myself and those first five same thing I
found a great deal tied it up and then went looking for the money and then you
know somebody else's money closed it we sold it we split the money and then you
know the next time just from that first deal we split the deal I had enough cash
that I could buy the next one without without anybody's own and so I've done
that with several houses I tie up the house and Lena let's just say I bought
it for you know fifty thousand or whatever it was and it was worth say
eighty in fact I had a my first partner on a house he's one who came up with the
money on the first deal we split that cash then I found another one he really
wanted that one to keep for himself he wanted it all for himself and I said
okay just give me six thousand and he gave me six thousand
and he bought it and closed it without me I might have done that two or three
times with him but in the end I had enough cash now by the time I did those
four or five deals that I bought my first home for myself and I paid I think
one hundred and forty-five thousand dollars for a huge place I felt like I
was Hugh Hefner in the Playboy Mansion it was beautiful it was like a big giant
Brady Bunch home enormous yard in Hana I think about 40 or 50 cypress trees
around it huge cul-de-sac lot giant kidney-shaped
pool had a sport court basketball hoop had a big old jacuzzi downstairs and
then upstairs where my bedroom was a big old master bedroom up there in its own
giant living room I rented out the bottom wing I called it of the house to
a buddy of mine and so he lived in that wing I lived in the upstairs and we bump
into each other in the kitchen once in a while back to the nothing down deals
that's how you can do it you can you can do it a number of ways one is tie up an
asset flip it to somebody else there's owner finance situations where
an owner will carry the note I've done a lot of that myself
I bought maybe 900 different Lots and I'd resold them and carried the note and
the people I bought them from carrying the note as well so
in fact I'm about to drive by a house right now this was a house that I tied
up and got a great deal on and then I just flipped it for $10,000 I let
somebody I assigned somebody into my into that purchase and I made $10,000
well then they went to try to rezone it into commercial because it was on a
pretty busy thoroughfare and and then he told me later on he goes hey we're gonna
rezone that and into commercial and I think we got it sold we're gonna make a
pile of money well my heart drop Sam thought did I just leave a ton of money
on the table I hope not because I wouldn't feel like a sharped investor if
I left too much money on the table he ran up against the Neighborhood
Association and they weren't gonna let his own a commercial at first my heart
sunk because I thought oh my gosh you're gonna make a hundred grand I messed up
so I Drive by that thing and I'd be so mad at myself every day I was so angry
and it was right with the right buyer where I would drive to go have coffee
every day and so just like why why and so then one day he pulls up to my house
to ask me about one of my other properties for sale and I said yeah I
said well hey whatever happened with your deal on that other one that I sold
you he goes I goes we couldn't do the commercial zoning we're not even gonna
buy it now we're just gonna lose the ten thousand dollars that we gave you and I
go really and he said yeah and I said well look you don't have lose any money
I said oh I'll buy it back from you so what happened was I gave him five grand
and he has signed it back to me so I still made five grand on that deal
without ever owning it then I did buy it I still own it I think
I paid a hundred and five thousand it's probably worth four hundred and twenty
right now it's one I'll probably so pretty soon to be honest nothing down
deals do exist but remember when I say nothing down I mean not a fantasy deal
it's practical it's find a great asset that's a more that's valuable you tie it
up and then you find somebody with the money and then you either buy it with
them or you let them buy it without you and you just take basically a finder's
fee or it an assignment fee is what I would more
accurately call it and that's how you can make money you can do it so don't
think for a second you can't do it you can do it is because really what's
beautiful about real estate is it something you can tie up you can type a
very large piece of real estate with very little money
five thousand ten thousand five hundred dollars you can tie up this you know
something worth four hundred thousand two or three million dollars with as
little as ten thousand dollars or you know as little as maybe a hundred
dollars in some cases find the deal finding the money is easy find the deal
and then find the money but you have to know what values are before you initiate
that purchase once you do you'll be home free on that deal or you'll make a lot
of money and that's it for now thanks for watching hey Tom here again thanks
for watching please like and subscribe to my videos and hit the notifications
if you want to hear about things when they come up but number one get the app
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