Trying to get into a first home; have the income, don't have the credit. Need private financing or owner financing

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Trying to get into a first home; have the income, don't have the credit. Need private financing or owner financing

6 posts by 5 users

Corey Demuth

Real Estate Investor · Queens, New York

356 posts
1450 Influence
2 Awards

Icon_minipost Sep 11 '09, 06:22 AM

I have been trying to purchase a first home for a long time now and the process is a bit frustrating. I just frankly do not have the credit history to please a traditional lender. To make matters worse, I left my job and have been working independently, which actually earns me more money so I'm very happy, but of course this is viewed by banks as a risk (as opposed to a traditional, salaried type position.)

I am essentially looking for an investor out there who would be willing to do a kind of private mortgage, or someone who owns a property in NY (queens or long island, or possibly westchester) or southern CT, who will do owner financing.

If you are that person, please contact me. Thanks.

Edited: 06/26/2010 at 09:40AM

Dustin Phillips

Real Estate Investor · Indianapolis, Indiana

169 posts
1258 Influence
3 Awards

Icon_minipost Sep 11 '09, 09:03 AM

Hi Corey,

Go to Craigslist and whatever city your looking for type in "Seller Financing" in the search box... I would think that you will get pleanty of people willing to sell with owner financing...

Good Luck....

P.S. not that BP is not a good site to find all things Real Estate related, but that would be another good source... :)

Edited: 06/26/2010 at 09:41AM

Jon Holdman

Real Estate Investor · Denver, Colorado

11859 posts
75547 Influence
15 Awards

Icon_minipost Sep 11 '09, 10:17 AM

I have to agree. I bought my first house many years ago using owner financing. Right off the MLS, so don't discount that possibility. Especially if you look in a neighborhood with a large older population.

Also consider lease option deals.

Edited: 06/26/2010 at 09:41AM

Jon Holdman, Flying Phoenix LLC

James Hiddle

Real Estate Investor · Altus, Oklahoma

2515 posts
9267 Influence
7 Awards

Icon_minipost Sep 11 '09, 03:20 PM

Creative financing techniques you can use:

Owner financing
Lease Options
Subject 2

Edited: 06/26/2010 at 09:41AM

Corey Demuth

Real Estate Investor · Queens, New York

356 posts
1450 Influence
2 Awards

Icon_minipost Sep 12 '09, 01:46 AM

a subject 2 is a route I hadn't thought of. How do you hunt out those kind of deals?

Edited: 06/26/2010 at 09:41AM

David Ligon

Real Estate Investor · Fort Lauderdale, Florida

8 posts
37 Influence

Icon_minipost Nov 10 '09, 07:13 AM

One way to find a Sub 2 deal is to hunt for and call all the fsbo's in your desired area. When you find one that is motivated enough and in the right situation, (ie, a few months behind or not able to keep up their payments anymore) you create a solution for them by bringing the loan up to date in exchange for the deed. There is more detailed info on this in some of the other forums, just do a search for Sub2 deals. Hope this helps a little!

Edited: 06/26/2010 at 10:27AM