Posted by JohnWe (NoCA) on May 18, 2000 at 16:19:53:
The last place I would look is the bank.
This is just a quick list off the top of my head. I’m sure there’s plenty more. In addition – don’t be so sure the owner won’t consider financing. That’s what they might SAY at first, but if you dig into thier needs, you might be surprised at what you’ll find out. If you dig and they’re not motiviated – move on.
What is the best way to buy rental property? - Posted by Charity
Posted by Charity on May 18, 2000 at 12:34:00:
If the owner will not consider any financing, but you can get a good deal, how do you get financed without using a traditional lender? My debt to income and credit score (due to the higher debt to income) is not so great. I would like to go ahead and get a rental property to get my feet wet and get some monthly income. How can I buy a straight rental (not a lease option) without money and without having credit pulled?
Charity
Re: What is the best way to buy rental property? - Posted by Steve-Atl
Posted by Steve-Atl on May 19, 2000 at 07:27:50:
The BEST way to acquire rental property is to find a motivated seller willing to sell subject to the existing loan. You may have to give the seller some cash to make it happen, but it is by far the best way to do it. You end up owning the property and you don’t have to get any loans.
In regards to your reply - Posted by JohnWe (NoCA)
Posted by JohnWe (NoCA) on May 18, 2000 at 20:50:13:
Charity says…
My question is if I use hard money, won’t that be expensive? Or can I
refinance it with a regular lender after I own it?
…
Exactly – use hard money to get into the deal, then refinance based on equity after you own it.