How can I get started

Question

Hate to hijack this thread, but what can a person do with no job, 735 credit, pays bills on time and 12k in cash? Is it possible to get financing? conventional loans?

John M. · Answer

Thanks for the help Jon and Josh. Although Josh, stop being so negative (though I agree haha). I was seeing what options there were for me with 12k trying to fund a 40k buy/hold deal. Conventional loans are out, A subject-to won't work on this deal since he wants the whole sum, so who can I turn to? Private lending? Ehh, I'll keep doing my best. Eventually, I'll get it. Anyways, thanks for the useful advice.

Jason Wheeler · Answer

I agree with Jon that subject to would be a great way to get in on your first deal.

I've been fortunate enough to be involved in several Subject To deals.

Jon Holdman · Answer

John,  split your post out of the other thread.  With no job you won't get conventional financing.  Sorry, but that's the climate today.

You could look for creative deals.  Subject to, owner carry, lease options, and the like.  All those are discussed here, so use the search function and you'll find some explanations.

Josh Green · Answer

why would someone/place loan you money without an income coming in?

if i walked up to you and said 'hi, i'm josh, and i dont have a job.....can i borrow $xxx,xxxx.xx' what would your response be?

as far as concentional, no way!
i'm sure there are still some idiot fly by night lenders out there so just look around.

sorry to sound rude, but to get a LOAN without an INCOME is one of the reasons the world is so effed up right now.