I have been thinking about real estate for a couple of years, but in the last year I have become very serious about it. There are quite a number of multi-unit homes in my area for sale. After a few months of research and a lot of footwork, I have found that a number of these properties have tenants that have been in residence for years.
After creating senarios using combinations of different properties, I believe that after aquiring 3 to 4 properties I will have a gross monthly income of 3500 to 4500.
However, I have a problem that is similar to that of many others. Low credit score and no money for any sort of down payment. My plan calls for an outlay of about 250,000. Can anyone suggest any means for me to obtain financing, and possibly point me in the right direction?
have you pulled your credit report and looked at fixing negitive items. This will save you tons of money when you start investing in real estate. I have helped several friends do this and in 6 months or less you can see a hudge jump in your credit score.
2nd there are lots of brokers out there that are easy to work with depending on your credit score. Do you have any liquit assetts?
I dont know all there is to know about No money down, but ive done several deals. One way is to use assetts as colateral, then refi in a month and get your assetts back. 2nd way is to get a 100% loan some way. 3rd way get seller to carry. These are my fav 3 ways anyway. I have a broker you can talk to if you are interested send me a note. What state are you in.