Buying with No Money Down
What is the best way for me to acquire properties with no money down?
There are many properties for sale in the metro Detroit area where I'm located.
I'm interested in turn key properties and not fixer uppers (painting and carpet is fine, and minor repairs I can deal with) no major fixes though.
My goal would be to acquire control of properties and rent these properties and produce an income after my expenses.
This would be the price area:
$50,000 per home single fam. residential 2-3 Bed bungalo, rent for $700-850/month. (brick home prefered)
Most likely I'd have water in my name, taxes could range from 900-2500 depending on property.
City of Detroit taxes are very high, and they include $300 for garbage removal, since the city is broke. Taxes can seriously cut into profit potential here.
I could hire property mgt. for about 10%, would this be a good idea?
I've heard if you can't manage the property yourself, don't buy the property.
Would Land Contract or Lease Option be my only alternatives?
Would Lease option be better to see if the property would work for me and be less risk?
Maybe I could Lease option for a year to see if the property is worth purchaseing.
thank you!