Wisconsin No Money Down

[Mickey Petersen]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $150,000
Cash invested: $1,500

This is a cool deal because it was no money down. It is cashflow neutral but It didn't cost me a thing to purchase it. A month ago my banker (who's is also also an agent) from my home town where I have other properties called me and asked if I wanted to buy this house. The previous buyer fell out of escrow and he was hoping I could do a quick purchase to get it off his books. I told him I was in escrow on other properties and I didn't want to start this and mess up the underwriting for the other properties. His solution was to wrap this loan straight into a loan I already had with him. No money down just a rewrite of the current loan and a new monthly payment amount.

What made you interested in investing in this type of deal?

It was my uncles house. He is getting old and he needed to move.