Updated over 9 years ago on . Most recent reply
Making the Leap
Hello every one. REI is something i have been thinking about for a long time and im looking for anyway to get started. I am looking more towards rental properties as id eventual like to have enough passive income to live off of. I have ZERO money to do this, how ever i have an idea but am not sure if its feasable or wise to do so. Im looking for properties listed well below market value, and then want to find a hard money lender to put up the cash. I want to find a property that is listed far enough below the ARV so that the money put up by the lender will cover closing ect and then i want to do a cash out refinance for the value of the property in order to pay what is owed to the lender and then have a little extra money in order to put a down payment on a second property. Is this smart and could this work? Again, i have never done anything like this but the idea is to get through this with out any money of my own, Suggestions or advice would be very much appreciated!