Need help buy a house to rent out.
Hello everyone! I need help buying my first rental property! I thought I would try here for some help, the worst someone can say is no.
About the deal, I have someone all ready to move in. They want to do a rent to own situation and take responsibility for most of the repairs themselves. The tenant is an Army buddy and his wife who I trust. The house is located in Montgomery Al for about $69,900 (I'm going to try to negotiate down) tenant will pay 550 per month for a total of $75,500 for the house overall.
The description reads it as a 3 bedrooms, 2 bathroom home sitting on 2 acres. The living room has gas log fireplace, Bedrooms are a split floor plan with the master bedroom being on opposite side of home from the other 2 bedrooms. Needs some TLC but still a great little place to call home.
My problem is, though I am financially responsible, my ex did a number on my credit. I need help finding a money partner who can help with the down payment for the loan or who can buy it for me and I can create a mortgage with that person. I have no problem will paying back more on top of what is borrowed if not too much. I also am open to suggestions from people more experienced than me, on how I could buy this house.
I've tried to look this property up on the county assessor but nothing is popping up for me. Same with Search Comps.
I know I might get bashed here, but you don't know until you ask! Plus I have a thick skin from the Military!
Thanks, everyone!
Billy Barnes
Bad Wolf Properties LLC
A warrior never worries about his fear.
-Carlos Castaneda