No money down. Is it really trully possible?

[Joan Pla]

Having a creative background, first as a professional musician and then as music video, commercial and content producer, I never thought I'd be so hooked in real estate investing and the potential that comes with it. 

With that said, I've been reading and listening to a good amount of conversations about little to no-money-down deals. 

I am looking at a property (triplex) in a B- neighborhood with very good schools around and very low crime. 

Total monthly expenses $1650 with a 15-year loan at 5% interest rate. 

Rent estimated at $1850-$1950/month. 

The property is off market with a selling price of $140,000 aprox + $15K in renovations. Maybe more.

So between down payment, closing costs and repairs, I'd have to front somewhere around $50K - $60K, which I don't have.

The strategy that I am considering is finding a hard money lender for this initial costs, with the idea that I pay back all at once when I refinance.

On paper, it seems a good prospect for which may be worth to due a solid due diligence but I want to make sure my strategy is entirely doable and be aware of the risks I have to keep in mind. 

Any comments will be much appreciated!

[Stephen Ray]

Hey @Joan Pla Congrats on finding an off-market deal that you want to move forward on! So when you say no money down do you actually mean 0? I am very new to REI but as far as I've found out the only possible way to make that happen is with a true private lender. Friends or family? I'm working on financing my first flip now and have spoken to a number of Hard Money Lenders. They will still require a down payment in the 10-20% range depending upon your experience. In addition you'll have to make the monthly interest only payments. I'm sure some people with some real experience will chime in on this but as another newbie just diving into my REI career this seems to be pretty standard. Good Luck!