Rentals in a pricey estate
There are many $1-3 million properties near me. Some have been on the market a long time simply because homeowners are aging and want to scale down to something more manageable. I want to get something pre-MLS with a nice discount.
Let's say a home is worth 2 million and I can get it for 1.5. With no money or credit what are my chances of getting a loan? I would have to get rents that would cover mortgage and all house expenses and taxes, along with a percentage for myself. I might even live in one of the units and pay rent to my own llc.
So please answer and be honest. I am new to this but I've studied it for years. I even looked into renting to veterans. 2 per room would equal 12 to 14 rentals at a couple of thousand dollars each. Again I need your wisdom.