No money down on turnkey?

[Kyle Scholnick]

Is it possible to purchase turnkey properties with no money down? How do you do this? Thanks!

[Tim Steele]

Establish a strong working relationship with a local bank. A mega bank will not help you. I called around town to 20+ local banks and credit unions. Calling around, I asked basic loan options, and then let the banker talk. Many bankers I could never get on the phone; it was always VM. Not what I want in a banker. Doing this, I found a handful of banks to visit and meet face to face. 

I found the right fit. Fave to face, I told them, I'm an investor and want to build the relationship. My first loan, pulled out equity on vehicle - small loan 4k. Paid it back 6 months. Second loan, pulled equity on a rental. Paying it back on time and consistently. Then, I went back requesting another loan. No problem. 

I put a great deal of effort into building the relationship. I created a business plan. My banker has it. I update it each year after taxes. If my banker has any questions or has to defend a loan he has given me, I've given him the tools to do that.

Actionable step: make a list of all the banks in your market, cross out the mega banks, then call around asking loan department about mortgage options. Let them talk and take notes. It still refer back to my notes from 5 years ago.