I have another quick question…
Since I have no capital reserves for a down payment, am I pretty much limited to properties that are being sold by the owner, not through a real estate agent? Should I even waste my time looking into what seem good rehabs that have a realtor sign on the front lawn? I’m assuming if a realtor is involved that a down payment is a must and no hard lender will even talk to me unless I have some money to put down. Just want to find out if my pool of potential properties is being severly narrowed to “creative financing” due to my lack of start up funds. Thanks for all your help guys. I really want to get to the point one day in this REI that I can pay it forward.
Since I have no capital reserves for a down payment, am I pretty much limited to properties that are being sold by the owner, not through a real estate agent?
No. Qualifying for a loan is not based solely on reserves. There are large variety of investment property loans available. The main thing is do you qualify for them. Have you checked your credit recently? Where do you stand? Do you have steady income?
Should I even waste my time looking into what seem good rehabs that have a realtor sign on the front lawn?
It is easier to negotiate when a realtor is not involved.
I'm assuming if a realtor is involved that a down payment is a must and no hard lender will even talk to me unless I have some money to put down.
Financing/down payment has nothing to do with a realtor. Not sure if you mean earnest money?
Credit score is currently 650 and I’m in the process of trying to clear off a bogus charge off (like trying to talk to the President) and I do have a steady income although I haven’t been in my current career for too long.
Not sure what [/i]earnest [i]money is. Sorry, I really am a newbie. :
Earnest money is the money that you would give to the seller as proof of intent/interest to purchase the property. It goes by a variety of names.
<<…(like trying to talk to the President) >>
Talking to the President is not that hard! Actually, it is relatively easy!
Keith