All Forum Posts by: Mario Jimenez
Mario Jimenez has started 2 posts and replied 3 times.
Post: What are my options? Cash ready but Bad Credit!
- Posts 3
- Votes 1
Let me start off by saying I'm a complete rookie when it comes to real estate investing. I'm looking to get into rentals but have bad credit, so conventional loans are out the question. I have around $30,000 waiting to be invested, but have a couple of questions I hope the experts can answer.
The property I'm interested in is $145,000 for a four plex. With the $30,000 I have and considering the bad credit, what can I do to get this property under my belt? Should I put the whole $30,000 down? If so, what are my options with the remaining balance? Or, how can I utilize this $30,000 to get into a deal that cost more?
FYI, working on the credit with other funds. All advice is deeply appreciated.
@Michael Glist @Antoine Martel Thank you for the replies. Trying to learn what I can.
I'm interested in getting into my first rental property but currently don't have the 20% required to put down. Is a hard money loan good for a down payment or does it only make sense to get a loan for the entire cost of the purchase?