Nathan Payne shows how his partner Henry bought a $300,000 house with zero cash by taking over the existing $280,000 mortgage and finding a buyer who put in just $5,000 for the equity. The deal worked because the seller wanted out and Nathan could wholesale the contract or rent it on Airbnb.
like before I paid it off. What purchase price would work for you if we were to buy it on terms?
Still, at least $300,000. Anything below that, I'm not going to consider.
So for me, I'm like, well, look, this barely works. The only way it could even potentially work is if we just buy it, take over the payments, and bring nothing down and wholesale it, or we keep it and we keep it as an Airbnb for 2 years. So here's how it worked out. She owed about $280,000 on the house. She wanted $300,000. I offered to take over her existing mortgage. Then we wholesaled that contract to one of my creative finance buyers. They brought $5,000 to the table. No money out of Henry's pocket, no risk. And just like that, boom, first deal done for my man Henry.
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