Good Credit, Stable income, and limited cash!

4 Replies

Hello guys. I plan on being not only a regular but also an active member. The more I learn the more I can contribute right?

So my situation I have done Sales since I was 17 working full time. I have decent credit 720+ my debt to income is great. I have no credit card debt, no car loans, no student loans, and everything I own is free and clear.

Being a newlywed I have very limited funds to come up with a down payment on an investment loan. I have considered trying to find a 1-4 unit property and going the FHA route however I have a lease at my current apartment complex till October. I have 2 motorcycles I'm attempting to sell to free up capital but we'll see how that goes.

A friend of mine has done real estate investment for several years and has been giving me all kinds of pointers. He uses bandit signs to try and find whole sale deals, rentals, ect.

As a first property is it in my best interest to try and track down a subject to, or owner financed type of a property?

The problem with alot of those potential sales is the area they are in. I'm aware that looking to spend a lower sum is going to result in riskier locations, lower rents, but possibly more ROI.

Ryan Dossey, Real Estate Agent in IN (#RB15001099)
800-347-9296

Hi Ryan, Search here on BP how to start up a marketing for low equity deals you have the seller sign over the deed and you take over the debt payments for little to no cash. IE subject-to the existing financing. Complicated contracts and getting the insurance right, but low cash. Cash is needed for the marketing, but that's a pay as you go per month. Look up subject-to here and start reading. JMHO re a path foward.

Originally posted by @Curt Smith :
Hi Ryan, Search here on BP how to start up a marketing for low equity deals you have the seller sign over the deed and you take over the debt payments for little to no cash. IE subject-to the existing financing. Complicated contracts and getting the insurance right, but low cash. Cash is needed for the marketing, but that's a pay as you go per month. Look up subject-to here and start reading. JMHO re a path foward.

Thank you very much. I will do just that. I have read a good deal about the idea but no so much the particulars as far as the application of the skill. An investor I know has recommended Nothing Down For The 2000's which I plan on picking up as well. My initial thought was to find a duplex and owner occupy however the one in the area I was looking at turned out to be a let down. Busy road, owner wanted a solid 30k more than what it's worth even though its been on the marked for over 200 days.

Ryan Dossey, Real Estate Agent in IN (#RB15001099)
800-347-9296

That duplex seller is obvoiusly stuck on price right? Offer him exactly his price. Then say, ok I've given you your price, I need you to take "terms". I'll give you $10k now and $600/mo for 8 yrs and a balloon for the rest.

If he gives you terms you'll get a property without having to qualify at a bank. Just borrow $10k from a few relatives or cash advance on your CC's. Better to hit up the relitives!

I actually spoke with the seller's agent and he said the owner "tweaked" his zillow listing.Basically stated it was more sqft then it actually is. Also upon a visual inspection it looks like it needs roof work done. I think I'm just going to keep looking. I think I'm going to try to get a few SFR's that I can get a decent return on to build up my funds and then try and get my first Multi.

Ryan Dossey, Real Estate Agent in IN (#RB15001099)
800-347-9296

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