Hi BP, I'm new to real estate and I've been reading up a lot on buying and holding multifamily for cash flow. I'd love to purchase an apartment building but I don't have a strong credit history or a background in real estate to be convincing to lenders. Even worse, I don't have a down payment. I've noticed several sellers offering owner financing, and I'd like to use a mortgage/seller combination to purchase. I didn't realize, however, that a lender isn't going to approve a loan when the down payment is coming from the seller.
There's a lot stacked against me and most people in the BP community seem to think that a nothing-down deal is a myth. Is there any reasonable way that I could make this happen? What lenders, if any, would approve me given my circumstances? Any advice you could give would be great. Thanks!
Owning a property without the reserves to maintain is a recipe for disaster It would be best to find a partner with funds to achieve financing or owner financing and have the reserves to maintain the property You contribution could be the daily management of the investment and finding more deals down the road Good luck
You own several multi unit properties with no mortgages, and are being told you have DTI issues?
That isn't right.
I'm going to venture to guess that someone isn't doing the math right OR that you lied to the IRS about your rental income when you did your taxes.
- If you lied, tsk tsk.
- If you were honest when you filed your taxes, meaning we think the math is being done improperly, go find a REI friendly lender local to you.
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