First of all, have you called any lenders and asked them if they offer the type of loan that you’re looking for?
Next, why not try a mortgage broker? They represent many lenders and can sometimes find the exact type of loan that you are looking for.
Also, have you had the chance to talk to any sellers? I’ve found that talking to sellers, or other owners of rental properties, can help to clear up alot of the questions that you might have.
And, keep in mind, a multi-unit property can generate alot of income, and that income becomes yours when you become the owner.
Next, there are many ways to work out deals with little or sometimes no money down.
I’ve got many ideas if you’d like to e-mail sometime.
For several years I have heard about zero down financing or low down payment financing. Dilema, I am a first time buyer who wishes to purchase a multi unit apartment complex or motel/hotel. I intend to take the income from that property to maintain the mortgage, upkeep, and management involved with it as well as earning myself an income. How do I find a lender when I have a poor credit history or no credit history. As well as having sustained myself from a low income base. Especially when I intend to use the property as a business to earn income as well as pay the monthly mortgage and costs of doing business.
I realize it takes money to make money. I am a painter and general maintenance man by trade. I have the experience and the intelligence. However, I have been unable to find a lender or financial institution to provide me with the backing I need to get started. Where do I start from? Having the capacity to make money work for you yet, not having the money to start with is beginning to get frustrating. Knowing how to purchase lien certificates is of no value if you do not have the money to invest in them. It is the same concerning flipping loan mortgage notes.The high rate of return on a zero investment is the sum of a zero return. I am not interested in a get rich quick scheme. I would prefer a longterm sound approach. I am not seeking an infomercial solution. I am seeking sound advice. Thankyou, James A. Caspian