Alternative ways to buy without lots of cash

4 Replies

Hey everyone!
I am going to be a first time home buyer and I am looking for alternative ways of buying my first deal. I had a cosigner but that seems to have fallen through.
Hopefully you guys can enlighten me with some new and/or different ways to get in on my first deal!


Traditionally if you want your first deal and get on the property with the rental income you get a duplex including one in probably 3% FHA

Non Traditionally you can learn about seller financing and creative financing and work with subject to existing financing, lease options, and wraparound mortgages when purchasing. You need a motivated seller, and the best lead for motivated sellers are expired listings because seller has already tried to sell traditionally with An agent

Medium banner reiskills 997   copyBrian Gibbons, REISkills | [email protected] | 818‑400‑3046 |

If income is your problem, see if you can get a 2-4 units multi family home.  The rent can help you qualify for the mortgage.  I believe the bank will take 70% of the potential rental income to calculate the income to debt ratio.  

If down payment is your problem, as Brian said, you can get the FHA loan with 3% down or ask your family/friend help you out. Because owner occupied home can take "gifts". Then pay them back with the extra cash you receive from the rentals.

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