How To Buy Property Without A Bank Loan

Now let me clarify something because sometimes people get the wrong idea. The bank is not the only person you can borrow money from, but any sensible lender will want you to be a sensible borrower; so don’t think that if you have a bunch of debt, a handy credit score with 13 bankruptcies that someone in is going to lend you money.

????Call Me????: https://bit.ly/30IBr0i

????Second Channel????: https://bit.ly/3c4sVPS

????????‍????Financial Freedom Course????????‍????$100 OFF CODE: LONGTERM
Link: https://longtermteam.teachable.com/p/financial-freedom-steps-from-nothing-to-freedom

????MY M1 FINANCE PORTFOLIO???? PLUS $10
Link: https://m1.finance/37SHd4241z-N

1. Private Money
– Private lender, that do it for a living or even borrowing money from your rich aunt is possible.
– You can have a loan agreement or a promissory note
– Now these people are usually willing to take on more risk than the bank obviously, so they usually will be charging you a higher interest rate
Keep in mind:
– Usually, people that borrow money from private parties do it for a short period of time
– And they try to get the bank to refinance later
– Because obviously the term are not going to be as favorable
However:
– Lets say you found property selling for 100k and you know its worth 150k once you fix it up
– But the bank is not willing to do it
– You can go to a private lender, and borrow the money, usually 70% after repair value they’ll lend
– You can fix it up, refinance with the bank and cash out and pay back the lender

2. Owner Finance
– If the owner owns the home without a mortgage
– They can technically give you mortgage aka a loan agreement
– And they can do this, with whoever they want to

For example:
– When I was selling my home in Puerto Rico, I had a family member who couldn’t qualify for a mortgage
– But she had 70k in cash, and was willing to give that that, as long I I didn’t charge interest.
– She want to Airbnb the property and pay me using that money
– I said no, but I could have done it

3. Pay cash.
– Not everyone has cash to buy a property in cash
– But if you save you can get their
– And it all depends on your market

For example:
– In some areas a house is like 700k and in order areas a house is 50k
– So it all depends on the market and where you are willing to buy

4. Rent to own
– But this arrangement tends to favor the seller way to much
– And you may end up losing the money you paid
– So it is something I recommend you do your homework on, event though I don’t recommend it

* PRO TIP*
INFORMATION IS EVERYTHING
????1 on 1 Talk + My Budget + Stock Investments????
https://www.patreon.com/tommybryson

????Merch????
https://teespring.com/stores/tommybryson

✅2 FREE AUDIOBOOKS✅
https://amzn.to/2Enayo8¬¬¬

????M1 FINANCE $10????
https://m1.finance/37SHd4241z-N

????ACORN FREE $5????
Link: https://acorns.com/invite/38EYSU

⚡FREE KINDLE UNLIMITED⚡ (traditional reading)
Link: https://amzn.to/2VGbxt9

????????‍????DISCORD PRIVATE GROUP????????‍????
https://discord.gg/EcZEHpA

My Camera Gear: https://www.amazon.com/shop/tommybryson

✔ Help Us Reach 500,000 Subscribers: https://goo.gl/0wvm6w

????All My Social Media????
Link: https://linktr.ee/tommybryson

*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

source