Rental Property Investor · MI · Member since 2008 · 34 posts · 4 votes
As the title says, I have no money to put down (can scrounge up maybe a grand), would have to go stated income, and have a 760+ midscore. i just had a brand new home built, about $165k..... what type of investment opportunities are out there for someone like me? I was wanting to buy a rental property, but not sure if I can qualify for financing with my criteria.
Also, there is a good chance I will be starting up a business(car dealer) in the next few months, so I don't think buying a property so recently will look good when it comes to getting a business loan. Can I start up a seperate business that invests in real estate, and obtain a business loan for down payments, closing costs, etc on investment properties? When obtaining a business loan for a new business, do they base credit off my personal credit, or would they only be able to use credit established by the business itself(which would be none, since it's new)?
Residential Real Estate Broker · Boston, MA · Member since 2008 · 13 posts · 0 votes
18y
Sorry to be the one to tell you but I dont think your going to find any financing with no money down and stated income. Those loans dont exist like they use to. You may be able to find hard money at very high rates (14+%) if you can find some real good flip deals.
And no, i don think any banks will loan you $$ for down payments. When getting a loan for a new business, banks typically evaluate your overall financial picture which is mainly assets and income. They also like to see liquidity.. credit is not as important as assets and income.
Real Estate Investor · Orlando, FL · Member since 2008 · 146 posts · 5 votes
18y
Just do flips with hard money! Do it right and you won't need to open the car dealership :D
If the deals fit, you absolutely can get the $$ with zero out of pocket. Your credit score is good so you're OK there. You can get 100% of the purchase and rehab money, fees, costs etc. all rolled into the loan and you can get 73% LTV. SISA too.
That's what we get and we don't pay out a penny up front.
PM me if you want the source we use for flips here in Orlando.
Real Estate Investor · los angeles, CA · Member since 2008 · 82 posts · 1 vote
18y
Originally posted by "camosilver":
As the title says, I have no money to put down (can scrounge up maybe a grand), would have to go stated income, and have a 760+ midscore. i just had a brand new home built, about $165k..... what type of investment opportunities are out there for someone like me? I was wanting to buy a rental property, but not sure if I can qualify for financing with my criteria.
Also, there is a good chance I will be starting up a business(car dealer) in the next few months, so I don't think buying a property so recently will look good when it comes to getting a business loan. Can I start up a seperate business that invests in real estate, and obtain a business loan for down payments, closing costs, etc on investment properties? When obtaining a business loan for a new business, do they base credit off my personal credit, or would they only be able to use credit established by the business itself(which would be none, since it's new)?
You could buy foreclosed properties with hard money with no money down if you can get them cheap enough. They will usually lend 65% of the after repaired value and many don't require you to put money into the pot.