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.
Any ideas would be greatly appreciated.