How Much $ Down On Investment Properties???
I want to get several rental properties, have been a student of real estate for several years. The problem: self-employed (lenders hate that), excellent credit, can only come up with about 8K (from line of credit on house)for down payment on investment property. This may allow me to acquire one property only. I am stuck because I cannot figure out a way to get $ for more than one property. Any suggestions??? :-D
Take it one step at a time if that is what you need to do.
Build up equity and income in a property and then take out a loan and buy another.
Repeat.
Good heavens, you've come to the right place. Surely after having been "a student of real estate for several years," you've learned about Sub2, Foreclosures, Lease-options, Short Sales, etc. There are fora for all of them here, and lots of ideas. Keep reading, or better yet, get an "I buy houses" ad in the paper (or start some other strategy) and shift out of neutral! Good luck.
loon,
Didn't say I was an expert on the subject ... just a student, very much still in the learning phase, but you are right, I have been in the learning phase forever now, and need a jump start in shifting out of neutral.
I've never neard about Sub2, but will find out about it. Foreclosures, yes, but you always still need $, which I am working on, as for Lease-options, not a good negotiater ... yet .
Thank you both for the tips! 8-)
It can be a pain to figure out if you've not done it before, I sent you a message. Just keep reading it'll come. Check out the lease options and sub2's by John Locke.
Best to you,
Chris
Ooops, posted same time, go to 'search' and type in John Locke's name, you will find all of the articles submitted by him in regular lingo.
C