I am not able to take out a loan through the bank. Was thinking about getting a rental property so i can start receiving some extra income. Do sellers ever owner finance 100% of the deal? can i mix HML lenders and do owner financing as well? any creative ways to do this?
If you have no cash in the deal it will be hard, but not impossible, to have cash flow on the property. Your best bet in a case like that is probably something in a reasonable area that needs a lot of work wherein you can substitute your sweat equity for cash, assuming you have experience/skills in rehab.
I have most often purchased owner Finance income properties with little down out of pocket. Right now I'm looking at a 2 family REO for $22,000 cash required. I have a private lending source for a 5 years amortized loan of LTV 80%. The 20% I can get an unsecured personal loan from a money broker in our town. However I will go for an $8,000 loan to cover expenses and any repairs needed to take care of any tenant complaints the day after I take possession. Some ideas for you.
@Devin Mann, you are the same Devin asking about how the numbers might work when buying a $300,000,000.00 Apartment, right?
Say what now?...