I found a deal. Now what?

I found a deal. Now what?

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?

0Reply
27 views

4 Replies

Jump to latestLatest
  • Investor · Topeka, KS · Member since 2015 · 1k+ posts · 1k+ votes
    6y

    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.

  • Kingsland, TX · Member since 2018 · 164 posts · 86 votes
    6y

    You could look into an FHA loan (putting 3.5% down) if you were willing to live in one of the units. It's not exactly no money down though. Good luck!

  • Upen PatelPro Member
    Lender · Nationwide Lender · Member since 2015 · 1k+ posts · 814 votes
    6y

    Hey! @Pablo Davidov.

    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.

  • Real Estate Agent · Fort Lauderdale, FL · Member since 2019 · 37 posts · 17 votes
    6y

    @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.

Join the conversationCreate a free account to reply, vote on answers and follow this thread.