investor focusing primarily on wholesale deals to build cash reserves. I don't want to leave any stone unturned so I ask. Are there any financing possibilities for turnkey properties for a person with no/low cash or credit?
@Ronald Jones , the only people who use the word "turnkey" are Wholesaler/Flipper types who are ALREADY expecting top-dollar profit for all the hard work they have put into it. That is to say, how will YOU find Buyers who will pay even more - when they are already marketing to those same Buyers? In short, turnkey properties are ALREADY priced for the END-Investor.
No need for an extra "daisy" in the turnkey "daisy-chain".
But, if you DO have access to cashed-up investors who already trust you with their hard-earned dollars, and they couldn't be bothered finding smokin' deals (and neither could you), then by all means, press a few buttons and reel in lots of their dollars for yourself!...
Very well said, but as a newbie I may have asked the wrong question or phrased it inaccurately. Is there any way for a person who has limited cash/credit to acquire a buy and hold property for residual income? Hope this is worded correctly, if not, I welcome the chance to clarify.
@Ronald Jones short answer is no.. the only way basically you can do that is some sort of seller finance... you can do the non recourse loans IE they don't care about credit but you must have 40 to 50% CASH down.
you can do lower down through banks IE 20% or so but you MUST have excellent credit and reserves.
No credit no Cash = no long term loans generally... and you must look at seller finance.
Hope that helps you
It does clarify things tremendously, albeit bad news. I appreciate your candor. Thanks again.
@Ronald Jones well now you don't spin your wells.. and you firm up where your lacking
This post has been removed.
@Ronald Jones , yes, your original post did make it look as if you were just trying to make quick wholesale profits from properties that were already being marketed to end-Investors. To buy-and-hold under your circumstances, you may have to start CHEAP (ie. not turnkey, but maybe ones that give you the chance to hone your rehab skills as well).
A quick on-line check of your area turned up ones from as low as $14k. A better, local search by YOU might find something even cheaper/better. Cheers...
Get the Ultimate Beginner's Guide
Sign up today to receive the popular eBook for free!