I have found five properties that need very little work that I plan on renting to section 8. These properties range in value from 80-102 k but cost about 60k each. If the sellers will not finance and hard money lendors want about 7k down what other options could a newby use to purchase if not all, at least one property to start out.
Thank you
Rob
Credit Card Loan possible?
That is how I got into my first one.
I might have to live off the remaining balance on my card for a little bit. I was thinking about government programs to buy properties to rent to lower income families. Where would I find more information about that?
Thanks
Can anyone recommend a private lender that doesnt require a dp?
Sorry there are no government programs for people that want to rent to low-income individuals.
Do you have cash and just don’t want to use it? Or do you have no cash?
A private lender is not going to hold the note for longer than 6-12 months. You will need reserves to qualify for any type of long term financing to pay-off the private lender.
Lastly, living off of a credit card is a huge mistake. Especially with the new rules being implemented by banks and finance companies.
Sell something, cut your living expenses, pick up a side job, etc. If you don’t have the money already saved up, you’re going to have to make some sacrifices. Too many people want to get started with no money down. If you have to stretch so far to get started that you have no other money to live on, you need to straighten some things up for yourself before you get started. You can’t do this if you have no reserves, no access to money for repairs, etc. Invariably Murphy’s Law will strike and you’ll have a huge problem right after you purchase the property. Then you won’t have any way to fix it.
I see. Thank you all for your advice.
Rob
By the time you cut your expenses, picked up a side job and did all that saving to buy a decent deal the market will have recovered and there will be no good deals to buy…My suggestions is raise money by wholesaling your properties to other investors… you have little or no risk and no exposure to the risk of owning a home which you have to rehab or fix up. When you raise enough funds from wholesaling then maybe you can start buying up stuff. No credit cards no banks no hard money lenders none of that stuff. Wholesaling rocks… i am building my first virtual wholesaling team right now if you are interested.
Well right now I know of five houses that I would love to control and rent to section 8 but cannot figure out how to get financing.