BALLOONS BALLOONS BALLOONS
Hello everyone,
I'm a new investor to this site. I have recently come to the realization that my only options is to use balloons. I have bad credit and since I recently attended Penn State University I have no employment history. So, I think my only option is to offer a seller a 3-5 year balloon (entire principal is paid off). But where do I find these sellers. Generally, I have found that sellers want a quick sale or they want an extended sale. I only deal with rentals for the most part. So the rental income would pay the monthly fees, taxes and utilities. But I need enough time to fix up my credit and get a mortgage with a low rate. Do you know of any private lenders that provide a true "no doc" loan; whereas the loan would be based on the properties ability to pay the loan off and not my credit or employment.
PS. I have a property in CT. I have a 25% deposit on the sales contract. The property brings in about 27K per year. The owner won't take a balloon. What can I do?
PLEASE HELP ME!!! 
Have you tried contacting a mortgage broker who can find a loan for you? Also there is a Lender Finder here on TCI. You may want to check it out.
If you have bad credit and want to get into rental type properties, then have you should about doing a "subject-to"? Take over the seller's payments. You can read $Cash$ article called 'Subject To' Investing for the Beginner and see if it peaks an interest. If it does, then I would highly recommend investing in his book, Subject To Training Manual.
Good luck.
Tanya