Posted by Jerome Dieker on May 22, 2000 at 22:03:12:
Try finding a single family or duplex fixer-upper to buy on contract for deed. With your expertise in building, you could improve the property and either resell, or have appraised and refinance. I usually look for someone who is tired of being a landlord, and wants out. It is possible to find a place for almost nothing down, just keep looking and be patient. Try to time your purchase for July when you can get back 1/2 the taxes. Don’t forget, you also are entitled to the tenant deposits, and will collect the first months rent on the day of closing or just after. Take your time, repair the unit as it comes vacant. Duplexes work best for me, I always have one side rented, usually for enough to make the monthly payment. Don’t give up, it can be done. I personally have closed on a duplex and ended up with less than $1000 out of pocket. Consider money you put into property the same as you would putting it in the bank. Real estate is a gold mine if you just hold them a while and then turn them. good luck.