Hot Deals.......No Cash....

[John Rush]

Good morning from a newbie.  I’ll jump right into it.  I live 25 minutes from an area with an extremely hot rental market combined with a housing shortage.  Example, I am closing on a 1300 SQ ft single fam home (3/2/1).  I posted it for lease and in 48 hours had over 200 inquiries.  I have a signed lease from someone with solid references and credit who paid the deposit, 1st months rent, and a pet deposit up front without stepping a foot in the house.  I have the opportunity to obtain more properties like this however I have now extinguished my available cash for the normal 20% down required.  I have a list of people with, literally, cash in hand ready to rent and several homes I could purchase but I simply don’t have the down payments to go after them.  I now have 3 of these properties which net an average $500 per month each after the mortgage payment.  I’m seeking tips on getting into these with minor little money down.  I could obtain a commitment to rent which would clearly show the rent would more than pay for the mortgage.  We do not have a “friends and family” fund to tap in to either and unfortunately all the properties I know of are listed by agents keeping me away from the owner.  I’m looking for creativity.....  Suggestions?