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  • Legal FAQs

    "No Money Down" deals - are they possible?

    it was 'benefit tenants'.  to clarify I saw it as a recording rather than live.  poor sod lost all his life savings...postman.  was advised to cut losses and stick back in auction for next mug.  I think he was just looking at the rental yield and nothing else.

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    Facebook is littered with gurus who have just bought a property , about to convert it and they are already saying the profit is , £600,000 - there is no profit in a deal until the end when everything is sold and you see whether you have received more income than outgoings spent - if so then you are in profit !

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    I rather like the below image in this context.  On the left, you have the property guru's own marketing and hype and minions/followers ... on the right you have reality:

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    Around 8-10 years ago there used to be a ‘vendor gifted deposit’ option. You would purchase a property BMV then the vendor would ‘gift’ you 10/15% of this so you could get the 80/85%ltv’s. You could then get away with at 10/15% deposit. Some lenders were ok with it.. and brokers. Not any more.

    Not sure on the no deposit options.

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