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The video discusses how to buy a house without using any of your own money and without having to pay the mortgage. The main focus is on FHA loans, which require a 3.5% down payment and can be used for one to four unit properties. However, there are 2,000 to 2,500 different types of down payment assistance programs available that cover the down payment, including the 3.5% required for an FHA loan. These programs credit the amount back at closing or eliminate the need to bring it to the table, and many of them also cover closing costs.
Once you have bought the property, you have to pay for owning expenses, such as mortgage, taxes, and insurance. One option to get some of these expenses paid for is to rent out the extra rooms to friends or people you know. Another option is to buy a two, three, or four-family building, live in one side, and rent out the other side. Depending on how much rent you can get, you can pay for most, if not all, of your mortgage and some owning expenses. If you buy a three or four-family building, you can live in one of the units and rent out the other two or three.
This is a great way to live for free and start to understand what it's like to be a landlord and what it's like to have tenants. You may love it and start to invest in real estate, or you may think this isn't for you and focus on fixing and flipping or wholesaling. Real estate investing has endless possibilities, and this is just one way to buy your first house without using any of your own money.
The video discusses how to buy a house without using any of your own money and without having to pay