Posted by Ed Garcia on January 15, 2001 at 11:21:49:
Not so, many people don’t know that if you have good credit, you can buy a house with 100% financing. Also if they can afford to make your monthly payment, then they can afford the payments on the house because you’re going to charge them more than if they bought it themselves. After all you’ll need a positive cash flow. It’s just a matter of, do your renters have good credit or not.
I agree with TCK, if your renters do have good credit then flip them into one house and then purchase the other with the money you’ve made from it. Weather you do or you don’t, TCK, is also right that you’ll need the seller to carry back in second position, or come up with 10% down if you have good credit.