Looking to buy my first rental property. I recently paid off all of debt and raised my credit score over 800. Unfortunately after paying all my debt, I no longer have cash for a deposit. Is there any way I can purchase a property with excellent credit and no money down? I would prefer to use the BRRRR method if possible, I am open to any suggestions. Thank you in advance.
@Roosevelt Thomas look into getting a loan on your assets. If you have a good amount of your home paid off then you can get a HELOC (home equity line of credit) and use part of it as a down payment on your property. Try to pay it off quick so you will always have that money available. This is what I have done to work on a BRRRR property.
I don’t have a mortgage to request for a home equity loan. Is it worth it to look into a large personal loan or small business loan?
@Roosevelt Thomas never had either one of those but I would say no. If I were you I would look for a duplex to buy. You might can get it for 0% down if your going to live in it for 2 years. Then you can rent out the other side. After 2 years move out then rent the side you were in.
It’s unlikely you’d get unsecured loan as mentioned above. House hacking for 5% down or less down is a great way to start. Especially if it’s a fixer where you can put in sweat equity. I got started doing live in flips and lived in a duplex for a year to get the ball rolling.
Thank you Josh great information