Episode 188: How to Buy a House with No Money Down with Tim Padavic

Published: April 23, 2021, 4:07 a.m.

b'Episode: How to Buy a House with No Money Down with Tim Padavic

Guest: Tim Padavic is the Vice President of The Federal Savings Bank. He\\u2019s licensed to lend in all 50 states.

Big Idea: Offering Your Retail Buyer \\u201cNo Money Down\\u201d Wins More Deals (for Agents) & Keeps More Money in YOUR Pocket (for Flippers). Buying a house with no money down allows more buyers to participate in the red-hot real estate market. Recent surveys show the reason many buyers remain on the sideline is a limited savings for the down payment.

Agents & buyers obviously benefit by knowing how to buy house with no money down. Fix & Flip investors also benefit because they can offer buyers of their projects the option of no-or certainly very low money down.

If you\\u2019re flipping houses and use a real estate agent to sell your flips-you can share this episode & Tim\\u2019s contact info as a resource they might use in selling your house at a higher price. Think about it-if a buyer doesn\\u2019t need any money down-or any seller credits for down payment assistance, that money stays in YOUR pocket. Worth noting-this no money down strategy is only applicable on Owner Occupied residential property.

This Episode of The REI Diamonds Show is Sponsored by the Deal Machine. This Software Enables Real Estate Investors to Develop a Reliable & Low Cost Source of Off Market Deals. For a Limited Time, You Get Free Access at http://REIDealMachine.com/

Resources Mentioned in this Episode:
https://www.TheFederalSavingsBank.com

For Access to Real Estate Deals You Can Buy & Sell for Profit:
https://AccessOffMarketDeals.com/podcast/

View the Episode Description & Transcript Here:
https://reidiamonds.com/how-to-buy-a-house-with-no-money-down-with-tim-padavic/

Dan Breslin: This episode was created for you. Agents and buyers obviously benefit by knowing how to buy a house with no money down and fix-and-flip investors also benefit because they can offer the buyers of their projects\\u2014the houses they\\u2019ve fixed to flip\\u2014the option of no money down or certainly very low money down financing. That\\u2019s the topic today.

And if you\\u2019re flipping houses and you use a real estate agent to sell those flips, I suggest that you share this episode and Tim Padavic\\u2019s contact info at the end as a resource that they might use in selling your house at a higher price. Think about it. If a buyer doesn\\u2019t need any money down or any seller credits to cover closing costs or down payment assistance, the money stays in your pocket. I\\u2019m not getting paid for this. Tim\\u2019s not kicking me anything back. I just know Tim from my network. He\\u2019s a valuable resource for me on my flips and he is licensed in all 50 states so I invited him to come on the show as a value-add to you, the valued member of my network.

Worth noting here before we get into the interview, this no money down strategy is only applicable on owner-occupied residential property. So, this is for owner-occupied properties. Tim, this episode, we do not discuss investor financing on this episode. Tim does not even get into investor financing. He specializes in homeowners looking to buy houses in which to live and that\\u2019s where the no money down financing mechanism that we\\u2019re going to discuss here today works. Ready to get started? Tim Padavic, welcome to the REI Diamond Show.

Tim: In regards to how I get started, in \\u201998, I got started brokering loans. We actually did most of our business in the refinance and remodel business. We helped rehabbers remodel homes for the homebuyer or the homeowner and we would lower their payment and get them their home improvement, all the way until about 2008 when the collapse happened and then I\\u2019ve been doing purchases ever since.

And most of my purchases, if not all of them, my specialty is people getting into their home either for the first time or maybe a move. They don\\u2019t really work with investors or second homes or anything like that. It\\u2019s not that I wouldn\\u2019t it, it\\u2019s just not my specialty. My specialty\\u2019s getting people into homes. People who are looking for a possibly a rehabbed home or upgrading to a rehabbed home. Something that is real nice for them to move into and the south side of Chicago has been a key focus of those rehabbed homes and the price points are right and some of the programs that we have available tie in really nicely.

Tim & I Discuss Buying a House with Low Down Payment:
\\u2022\\tHow to Access Grant Money for Down Payment
\\u2022\\tIncome & Debt Levels to Qualify
\\u2022\\tHow to Get Offers Accepted in this HOT Real Estate Market
\\u2022\\tImportance of Beginning the Mortgage Process Now

Relevant Episodes: (There are 188 Content Packed Interviews in Total)
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\\u2022\\tHow to Make $300K/Year Investing in Mobile Homes with No Money Down
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\\u2022\\tBuying Mortgage Notes Generates 15% + Returns with Brian Lauchner
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\\u2022\\tDan Breslin on Raising Private Money for Single Family Flips
https://bit.ly/3dJfeqo'