I’ve been seeking and finding lots of deals for owner financing. Most properties seem to be in dire need of repair. I’m looking for turnkey. I don’t mind putting money down but I don’t want to put more than 5k into a property. My price range has been around 30k only because I feel I could buy 3-4 properties a year, rather than say just one. I thought I might be able to create a note and sell it but that would make me a mortgage originator. I’m not getting anywhere with that idea. I’m looking to have whatever I buy be paid in full within 5 years. I’ve also seen where I could maybe get business financing, and then refi conventionally for some cash. Any thoughs, or am I just spinning my wheels?
looks like your going to be spread abit thin. Try to focus on where you can add most value rather than every step of the process.
Looks like you are looking for fast cash with little risk and little work. Generally speaking, those deals are far and few between. Homes in the less than $30k price range are almost always going to require repairs to get them to market value.
Also, if you are looking for conventional financing, a $30k purchase will not meet minimum loan requirements to be sold to the secondary mortgage market. You will need to look at a personal loan or financing that is kept in house. Perhaps you should look at buying two $60k properties a year or a couple $50k properties through FHA or HomePath where they can wrap in renovation costs into the loan.
I think , You should go step by step so that you can focus on one thing at a time
I learned from my financial adviser that whatever involves your money, you need to take it one step at a time. Study what’s on the plate before you dig in.
I think you are looking for best returns with minimum investment and risk. Investment is the best option for better returns but you should go step by step with patience to get best returns.