Real Estate Agent · Fort Lauderdale, FL · Member since 2019 · 37 posts · 17 votes
Let's assume the following scenario. I found a fourplex, ran the numbers, everything looks solid with >15% CoC return. I have a credit score of 650, have credit card debt and no savings. What are my options, if any, in terms of financing with no money down?
Take some time to clean up your credit score, pay off your credit card debt, and save up some cash. Your first purchase is going to be your most risky because you have the least amount of experience you will ever have. Why make it even more risky by doing so with a poor personal financial situation?
I'm sure there are creative ways to get it done but in real-estate the more creative the more risky.
Based on your credit and it being a multi unit, your best option is doing an owner occupied FHA 3.5% down. Unless you qualify for a VA loan, there is no option to do 0% down.
@Jacob Sampson, @Account Closed thank you all for your input. I figured that's what the case would be but wanted to confirm. Thanks again for your insights.