No money down property is a popular real estate investment these days. The promise is a good one: buying real estate property with no money down with the hope of selling the property in the future and walking away with a tidy lump sum of money. Now there are different strategies for no money down property buying. The main qualification for no money down property is your credit history. However, it’s still possible to buy no money down property with bad credit, though it will be more difficult.

Previously, you had to put down about 5% on property to purchase it. This was known as a down payment. However, it has now dropped to 0% in many cases, which means its easy money for the average person to buy it.

Here are some ideas for no money down property buying:

Add the Down payment to the Property Price

You can suggest an offer to add the down payment into the actual property selling price. If the purchase price is actually higher, the price of your down payment will be slightly above that. However, you will have the advantage of actually getting the property without having any up front pocket expenses.

Work Out an Down Payment Installment Plan

You can try and negotiate an actual installment plan for the down payment prince. You may be able to accomplish this by asking the seller it’s possible to pay on a monthly biases until the down payment is paid off. This won’t then affect the purchase price of the property.

Don’t Pay the Real Estate Agent

It’s possible that you might be able to borrow your real estate agent’s commission to pay the down payment. You can then make arrangements with the agent to pay them back at some point in the future. Real estate agents will often go for this because it can mean the difference between a sale with guaranteed payment in the future, or no sale at all.

Step in For an Existing Mortgage

If you manage to step in and take over an existing mortgage, you don’t have to make a down payment on the property. This is one of the best ways – it’s easy, quick, and completely painless. .

Offer to Trade

This is one option than many people never consider, but surprisingly, it actually works. Offer the owner some sort of material trade or exchange of services in lieu of the down payment. This is particularly effective if you have some in-demand skill (trade skill like carpenter, pumber, mechanic, etc) to use in the exchange. Older cars/boats are also another item you could use against the down payment. You may not be able to knock of the whole down payment, but you may be able to whittle it down quite a bit – to a much more manageable level.

Take a Look at Foreclosed Properties

This is a big one, especially now with the American recession in full swing. Currently, there are more foreclosed house than you can shake a stick at. The misfortunes of others are sometimes the fortune of another. Foreclosed properties are a good buy because the lenders have often taken a big loss already and are desperate to unload them. These days, this is even more true since the price of property around the US has plummeted. Lenders don’t have any particular overhead on the property (since they “own it”) other than lost payments – something they are eager to reinstate. So you have quite an advantage here. It’s very easy to negociate for a no money down property here.

Talk to Your Bank

When all is in doubt, take a jaunt down to your local bank and see what loan programs are in place. Banks sometimes have a not money down or little money down loan program in place. However, its important to understate that many no money down loan programs offered by a bank will require good credit. You may be able to land a no money down loan with bad credit from a bank, but you might be putting up your home or some other substantial property to back the loan. In essence, a secured loan.

If you are trying to get any sort of loan and you have bad credit, I suggest you look at these related hubs:

• Mortgage Loans for People with Bad Credit

• How to Buy a House with No Money Down

• How to Get a Mortgage with Bad Credit

• Consolidation Loans with Bad Credit
  

• Remortgages with Bad Credit

• How to Improve My Credit Score

• Help Paying Back Student Loans

• Lenders for People with Bad Credit

• Student Loan Reconsolidation

• Home Equity Loans for People with Bad Credit

• Business Loans for People with Bad Credit

• Cell Phones with Bad Credit
  

These are a couple good ideas to pursue when looking for no money down properties. There are many amazing deals out there these days and if you are on the ball, you can make a lot of money. As a final note, it’s important to give a warning about no money down property; you can land yourself in a heck of a lot of trouble if buy no money down property and then can’t afford the rental payments. In the past, many people have decided the way to get rich was to buy dozens of no money down properties and rent them out, watching the property values rise while other people pay off their mortgages. However, they don’t count on the fact that renters can be a big hassle, often missing payments, paying late or refusing to pay at all. Then there are property fees, maintenance fees, etc. If you don’t know what you are doing, you can easily bring yourself into financial ruin. Even buying a single no down payment house has a lot of risk – just look at the current subprime mortgage crises that has brought American –and the world – to its knees.