How Did You Purchase a 4plex Without A Bank? #AskSpencer

Let’s talk about buying real estate without a bank. In this video, I let you know of the method I used to buy an investment property without worrying about being qualified with a bank.

I was able to purchase a 4plex using a seller carry form of creative financing, where the seller acted as the bank in the transaction.

This allowed me to bring only $20k as the down payment in order to acquire a $260k property that was valued around $300k. And I didn’t need to worry about pre-qualificaiton standards with the bank, primary mortgage insurance because I didn’t have 20% down payment, nor anyone worrying about my credit score.

In this video, I share with you how a borrower traditionally goes about receiving financing for real estate and why this isn’t beneficial to you, the borrower.

I cover everything needed to qualify, which includes too many documents to list out.

I cover the terms agreed upon for the 4plex purchase.

I hope you enjoy the video and get a lot of value from it. Most beginners struggle to come up with the down payment for investment property and get stuck. But not you! Because you are watching my videos and following my channel, I know you are now aware of one form of seller financing.

Use seller carry to your advantage! You can get into properties with a lot of built-in equity and with a lower down payment than you’d hear about from blog posts referencing the banks standards.

Ultimately, I want you all to stop viewing the banks’ standards as the way to play this game. I want you to play by your own rules, which involves getting financing through property owners.

With seller financing, you can get a mortgage with bad credit. You can get a mortgage with low credit. Without the property owner running your credit report, you can get a mortgage with no credit. All are possible.

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