The All-Money-Down Technique
So how does the all-money-down technique work by purchasing a home with cash? First of all, let me repeat that I really didn't have any cash, but I had a significant amount of equity from Terry's home and several homes that I owned put together to give me a substantial cash down payment.
Banks and mortgage companies alike will accept money from a home-equity line of credit as cash to purchase a home. At least they did in 1997 under the financial guidelines of the day.
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What you must remember about mortgages and lending is that the guidelines change constantly, so this technique I used in 1997 may or may not be able to be used in the future.
Whether it is or isn't able to be used again doesn't really matter to me as I believe that there will always be a way to buy real estate with limited money down sooner or later.
There will always be a technique to acquire real estate but exactly how that will be done in the future I'm not completely sure.
I began purchasing the homes in the Mayfair section of Philadelphia with the prices in the $30,000 to $40,000 per home price range.
I would purchase a home with three bedrooms and one bathroom on the second floor with a kitchen, dining room, and living room on the first floor and a basement.