wasaunders@watdragon.UUCP (Alec Saunders) (01/23/86)
For those of you out there who doubt the no money down deals, I have done it.
Just last August I bought a 40,900 house in Kitchener Ontario (the prices
are TERRIBLY depressed here) with nothing. I assumed an existing first mortgage
of some 28,7?? got a second for 7000, the vendors hold a 3rd for 2000 (no
payments - due in five years with accrued interest), and I got a loan for
the balance. My financing and taxes are about $460/month and my tenants pay
me $650/month. Not only that - I put it on the market 3 months later to test
the waters out and got an offer for $55000. My agent tells me that at this
time he could easily find an offer for $60000 or maybe even $70000, and says
wait until the summer - you may get 75k. Kitchener is booming right now
because Magna International, Honda and several other companies are moving in,
and the University of Waterloo Institute for Computer Research is in
construction also, and will house the likes of IBM, DEC, Apple etc. when
it's finished.
Coincidentally I learned about this by paying $500 to a chap by the name of
Raymond Aaron, who runs a Canadian version of the Real Estate Seminar Scam.
One of the things he suggests is APPLYING FOR LOTS OF CREDIT CARDS. You can
get together the down payment on a house through credit card advances quite
easily. Having a lot of credit cards and not abusing them is also VERY good
for your credit rating when it comes time to apply for a loan or a mortgage.
I don't think he meant applying for 200+ cards though (sounds a little
farfetched even to me!).
Alec Saunders, UW Computing Science Major