Finding the Money for a Good Multifamily Without Credit History
I've been learning about real estate investment for a couple of years, and am ready to get started on my first property. I've found a good looking multifamily home in a nice Nashville area listed for a little under 250,000, which has 2 units. One is 3 bed, the other 2 bed and it has nice views.
So I did the math and could rent them out for 1400,1600 pretty easily. With the 50% rule I'd have 1500 a month to pay the mortgage and make some money.
This seems like a great deal to me, assuming it doesn't have any underlying issues.
The real problem is I have no credit. I have a good resume and have a job doing maintenance at Cheekwood (about 1.5 years now). I also do work, and have for the past 5 years, for a private investigator in town.
What can I do to fund this purchase and get started? Do you have any advice?
For what it's worth, my original plan was to take out a credit card for a year and then apply for an FHA loan (but would have to live there).