Posted by Jim Holmes on March 20, 2000 at 23:00:29:
Daniel,
If I were you I’d try a lease option purchase. Negotiate a low down payment and get a large monthly credit toward the purchase. Get the right to sublease and assign in your contract and try to extend the contract out for three to five years. If you have Sheet’s materials you can use his L/O contract. There are lots of ways to buy property, but since you have little income I believe the L/O is one of the better options for you.
NEWBIE needing Creative Financing help. - Posted by Daniel Fox
Posted by Daniel Fox on March 20, 2000 at 17:48:40:
I live in a small semi-rural town where there is high property value. We have a large lake and a national park and we are equal distances from dallas and oklahoma city. I am very interested in getting involved in the real estate market, but I am unsure how to go about this.
Mainly with the idea of rental property to create a positive cash flow. Average rent for a 3br home is 375-400 a month. I have been perusing the real estate ads in our local paper and found 3 or 4 houses around 17,000 or less.
My problem is this. I have no way to make a substantial down payment, maybe $1000-$2000, I am disabled and was hoping to use real estate as an avenue for creating and income. I have decent credit but without the income you can’t really get a home loan.
My thinking was that if i could figure out how to get the funding to purchase all 3 or 4 of these houses on one note the rent from them would certainly pay the note. I plan on putting central heat and air units on them all and vinyl siding and possibly new carpet. But I haven’t went and inspected the insides yet as I didn’t want to hassle the Realtor unless I had an idea as to how to finance it.