In response to some training about nothing down real estate deals, one of our awesome subscribers asked the following question:
“No money down? What about the EMD (earnest money deposit)? Unless you have a partner, then the EMD will have to come from you. Am I wrong?”
One of the beautiful things about real estate is that EVERYTHING is negotiable, especially when you’re working with truly motivated sellers.
Could you secure a contract with a conventional non-motivated home seller with a house listed on the MLS, with $0 EMD? Probably not.
If the person has a vacant home and is painfully paying two mortgages and just needs relief out of that housing obligation, and they seem to like and trust you right off the bat, they may very well accept a $0 EMD, or something low like $100. You don’t know unless you ASK.
Furthermore, if you have good credit (680+), you may be able to raise $50,000 – $150,000 in unsecured lines of credit, which can be used for anything from EMDs to marketing to operations to staffing to downpayments and acquisition construction costs.
You can request info and a consultation from the program we personally used to get $120,000 at FundingForFlipping.com… and if you’ve already requested general info, you can request/schedule a 15-minute phone consulation at FundingForFlipping.com/consult-request
Hope that helps. Keep us posted on your progress!