Need advice

6 Replies

I am looking for a owner finance deal in FL.

I have a good credit score but low cash funds to put towards a deal.

What are my options or advice you can offer me?

Thank you,

   

You could consider wholesaling as a start to build up capital. Or see if you can partnering up with someone on a deal. House Hacking is another option if you're willing to live in your investment. 

You need something to be able contribute towards a deal whether it is money, time, or possibly a good credit score. You could partner up with someone who has the money but a bad credit score. 

Good luck!

Originally posted by @Colin Smith :

You could consider wholesaling as a start to build up capital. Or see if you can partnering up with someone on a deal. House Hacking is another option if you're willing to live in your investment. 

You need something to be able contribute towards a deal whether it is money, time, or possibly a good credit score. You could partner up with someone who has the money but a bad credit score. 

Good luck!

Great advice here by Colin. 

You could also try rent to own or subject to. Basically, you find homes where the owner owes what the property is worth or more than what it's worth. They are stuck in that they cannot sell it through a real estate agent because they will end up owing money at the closing table. Often, you can find these types of underwater properties by looking through real estate expired listings. I have not done this type of investing myself but I have talked to a couple of people who seemingly use this strategy successfully. The good part is that you won't have to come up with much money down. Maybe enough to help the seller move. The bad part is that you will likely be paying full or above market value on the property. But as long as it's cash flowing with a tenant, I don't see that as being a problem. Just make sure to have an out if the property cannot rent.

Again, I'm no expert on this but if you do some research, you may find out more about this topic.

Thank you both for the ideas and i will look into that and see were that takes me.

Will,

I would recommend looking for properties FSBO, I have used Craigslist before and ask if the seller would consider owner financing whether or not it is advertised. You would be surprised to see how many people have never thought about it or have been trying to sell for awhile and are willing to consider other financing options. My business partner and I ended up getting funding through a bank for our first deal(which we close on shortly), but as we looked for deals we contacted many owners, most who hadn't thought of owner financing, and got a surprising about of interest and I am also in FL and looked mostly in Broward and Palm Beach Counties. You never know if you don't ask! While some said no and others wanted larger down payments, many were willing to entertain the idea of smaller down payments. Good luck on your search and let me know if you have any questions!

@Elizabeth Maille I would love to hear more about your FSBO successes here in Broward (personally I find on Craigslist is mostly wholesalers, certainly not a bad thing. ) @Yasmine Bisumber This might be someone who can help find some FSBO down here..

@William Fritsche I think a lot of is depends on what your goals are. Do you have a property yet? Are you a vet? There are many great first time home buyer programs with little cash down, and some amazing success stories.

Nick,

I am a vet.

I am looking for a 4 Plex Multi-Family with low money down and NOI of around $32,000.

I am finding properties where the numbers work if I had the down payment myself as they are worth the investment using that model.   

I am having trouble when I work in the deal using an investor for the down payment, taking into consideration they want to make 6-7% return and want to be paid back in 5-7 years.

Could use help with that model of investment as I could go after larger properties or at least get my first deal done and have some positive cash flow.

Will,  

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