I'm currently looking at buying a duplex with good rental potental for under market value. any advice how I could purchase this without cash or credit but make it a rental property to start our portfolio.
@Dominick Davis I would consider trying to become a PM for an apartment complex etc in addition to your full time job so you get some experience, lower your monthly expenses while rebuilding your credit.
It will be hard to convince someone to do a 0% seller finance deal with no experience, poor credit, and little cash. I would look to gain experience over 18 months while building your cash reserves and credit.
Dominick, for a complete answer you might want to check out Brandon's book about buying with no or low money down. The easiest way is probably to approach it as an owner ocupied property, so you would live in one side and rent out the other. This will help you to qualify for financing much easier than for an investment property. However, you should also consider to start out with getting yourself ready and safe up some money and build a credit score. I think its easier to invest without money than without a credit score. Your score tells people how credit worthy you are and how likely you are going to pay back the loan. Not having a score basically tells people and banks to stay away from you. I am not saying that is a reasonable statement about you, but those are the rules of the game. But it's not hard to build a score: open up a bank account, if you dont have one, get a credit card in your name that is on monthly auto pay (you can use it for example only to put gas in your car), get a utility bill in your name etc. You can find detailed advise on the webpages of transunion, experian etc.
Is seller financing a possibility?
@Dave Savage thanks for the advise, the property is a Fannie Mae property. I'm going to purchase the property with cash, I was looking for advice for creative financing to purchase this property.
thank you for the advice yes my plans are to live in one side of rent out the other one so it can pay for itself it would pay for its self in the first 18 months
@ John no its a foreclosure fannie may
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