What To Do
How do you go about getting someone to let you buy there home for no money down? That seems to be the only way that i will be able to get into the real estate market. My credit won't let me get a loan, and that's the only viable way that i can foresee. My credit isn't terrible but it isn't the greatest either. I have a score in the high 500's i really want to get into this field of work, can some one please tell what i would need to do.
You might look into "Subject To" Investing, Bird Dogging, and Lease Options as ways to invest. The forums on this site are full of awesome information, and expert advice. Take some time, look around a bit, and develop a plan of attack based on the direction you decide to go.
My first property was a lease option which the landlord was frustrated with the last renter and was frustrated in not receiving monthly mortgage payments. The landlord and I agreed to split the costs for the desperate home repairs in exchange for a 3 year lease option. I also asked him to agree to a $50 monthly rent credit which we agreed would be applied as the “don’t bother the landlord fee” so if the home repair was under $50 I would cover the cost. On this deal my wife and I have a SIGNIFICANT equity position.
The deals are out there. Keep an open mind, and explore the different ways of investing. You may decide to use a different approach.
[addsig]
Classimg is correct. I got my first 3 properties via owner financing from another real estate investor that wanted to see me succeed. Keep looking for the right deal, it's out there!!
Prosperous investing,
td