How can i get my first rental property with no cash or credit

7 Replies

I'm a wholesaler and I have a deal where i got a great price on a  single family house 22k, and I already have a tenant who wants to rent it out section 8, how can i purchase this property with no cash or credit and have it rented, any creative financial strategies!

Visa card? On a more serious note find a partner with some cash, do a HML and then refinance it etc.

Is this a CASH deal?

Offer 1/2 interest to an investor in exchange for down payment. You will then have a partner.

Perhaps a private lender - friends family or associates would loan the money. Another simple way is to just ask the owner if you can pay him over time.  Tell him you could even pay him more money if you pay over time (ie: interest)

One question is why do you want to? If you have no cash, buying a rental is a big risk. You need cash reserves to hold rentals unless everything goes perfectly.

@Jeremy Tillotson  Oh i see what you meant. I thought you were talking about giving them 1/2% of interest return on their down payment amount or something. You're talking about a partnership. Got it.

Time for you to read the latest BP publication for great ideas; The Book on Investing in Real Estate with No (and Low) Money Down.

Good luck!

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