I have been trying to become an investors for a while. I own $20,000 for taxes and can not get a loan of any kind. Do any one have any sugesstions on how I can buy my first property and make this money to pay the IRS so I can move foreward with my investing.
Buy a great deal subject to. Check out the Sub2 Forum. No credit needed only a motivated seller with equity.
shadowpo00,
If you have a new question, please start a new thread. When you change the subject of a thread to a new one for yourself, it is called “Hijacking” and is considered rude.
Thanx,
Keith
Moderator
Your question is how can you do deals with challenged credit. There are hard money lenders that will do deals based on “asset lending”, ie lending based on a low LTV. You’ve got to get below 75% LTV including repairs, closing costs, carrying costs, marketing costs etc… but you can do it. You will need no money start to finish if the deal is right. I recommend that you identify a lender and find out specifically the kind of deals they like by getting “pre-approved”.
The only other way is to wholesale contracts. It takes no money.
So you got 2 ways of doing deals. Good luck.
I think you should start out wholesaling deals. You can make up to 10k per deal, so why worry about buying in your own name. Remember this control everything and own nothing.