Can you Really buy a apartment building with no money down?

Question

Can you Really buy a apartment building with no money down?

Answer 1

You might be able to buy a two or three flat building that you intend to live in, but I doubt that you can buy for investment or buy a large building.

Answer 2

Some people can. It isn't common, and I've never heard of a first-timer doing such a thing. Usually, it is a group of investors who have been in the game for a while. They get together, call themselves an LLC and get a loan as a business entity, not an individual. Usually it is a rehab property, in my experience.

Answer 3

Yes, you can actually buy an apartment building with no money down, but those types of purchases are not that easy to come by. First, you have to find a seller who is willing to help with some, or all of  the financing. A seller can carry the entire mortgage himself, without asking for a down payment, which is rare, or give you a loan in the form of a second, or third trust deed, as part of your down payment.

If the seller is not willing to carry the full mortgage himself, you must get a loan from a bank, mortgage company, or private lender, to purchase the property.  In this scenario, the seller must be willing to use a part of his equity, as a loan to you, to offset the required down payment that is required by the lender. The difficulty in this scenario is getting the primary lender, the bank or mortgage company, to agree to this arrangement.

If you are a veteran who has served in the military for 24 continuous months or more, or the full term ordered to serve, or at least 181 days of  continuous service during peacetime, or not less 90 days during wartime, you can purchase property with no down payment.

The truth is, outside of being a veteran, it is not easy to find situations in which you can buy property with no money down, but it is possible.  

  

Answer 4

Ask the seller to finance the purchase price.