You Can Live For Free By Doing House Hacking — FIbyREI

How to buy a house with no money

When you are considering a real estate purchase, you might be approaching the situation without funds on hand. That means that you’ll need to get creative. Buying a house without any money is not impossible, but you will need to approach your home purchase with flexibility and creativity.

  • Track down the owner. Although a property may be abandoned, you’ll still need to find the rightful owner. You can find out who owns the property by searching through public records.
  • Inspect the property. Once you’ve found the owner, you can approach them with your intention to purchase the property. But before you move forward, make sure to have the home thoroughly inspected. As an abandoned house, you need to be extra vigilant while undergoing the due diligence process .

Can I buy a house for $1?

It is possible to buy a house for $1. But you’ll need to have the owner agree to those terms.

Can I buy a house with no money down?

If you don’t want to make a down payment on a home purchase, you have options. Here are some methods to securing a mortgage without putting any money down.

No down payment mortgage options

Luckily, there are two different options for obtaining a house without any down payment obligations. Both of these options are government-sponsored programs that are designed to encourage and reward homeownership.

Low down payment mortgage options

Not everyone will be able to qualify for a mortgage with no down payment. But that doesn’t mean that you’ll need to put down the traditional 20%. Instead, you can consider low down payment options which are more widely available.

How can I live in my house for free?

Securing a property with a minimal down payment is the first part of the process. Once you’ve moved in, you’ll need to start paying the mortgage unless you get creative. That’s where house hacking can help!

The bottom line

It is possible to live for free, but you’ll need to be creative. Start by seeking out creative financing options to lower the upfront costs of your home purchase. If you take the time to shop around, you may be able to find the perfect financing opportunity for your situation.

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Andrew Kerr

Andrew Kerr

Host of “The House Hacking Podcast” and owner of www.FIbyREI.com