? re a true no money / no personal credit deal. I’ve read quite a bit on here and have a pretty basic understanding I think…but heres my question that I’ve not seen addressed w/ specifics…
how to buy a house w/ none of your own money and poor credit and no partner w/ 700 scores?
I get that you find houses w/ “motivated” sellers (for whatever reason they may be motivated…pre-forclosure, divorce etc.) and get them to owner finance. And lets say that you dont have to give said owner any money. what then? Lets say you have a hard time getting a tennet in there and you’re broker you would be screwed.
Are you planning to hold these properties? Are you buying properties that need rehab? Are you fixing them up and reselling them? What’s the exit strategy?
well I guess thats all depending. If property needs rehab, and I dont have cash on hand I guess thats out. even if I scored hard money, w/out money on hand to carry i/o payments and possible over runs I don’t see that being feasible…
If I buy and hold w/ no rehab and intend to put a tennet in property all is well assuming I can get it rented before my payment comes due on the private mtg. otherwise I’m screwed again.
I guess I’m asking, based on my comments above is my perception right or are there other ways to look at this?