Big REI Dreams - Little $$$
I would really like to get in to the real estate business as an investor (buying and flipping sfh's). I also would like to purchase a multi-family dwelling (section 8 tenants). I just purchased my first home which is my place of residence. Of course, after making such a large purchase, I am almost tapped out of funds.
How can I - after finding property I'd like to purchase - obtain financing? What type of financing can I get approved for? My credit score is somewhere around 680. Is it possible to get 100% financing based on credit score?
Thanks for all of your help!
Lisa
With a 680 Credit score - you should be able to get 100% financing, however I would go a different route if I were you. Have you ever thought of bird dogging and/or wholesaling? Get properties under contract and sell that contract to someone who will do what is necessary to sell it for a profit! Do a couple of these and you will have enough money on hand to start your RE investing career. Purchase those multi-family houses and start creating passive income!!
Good Luck!
[addsig]
Partners Partners Partners
Thanks for your words of encouragement, Matty!
I am a newbie who would definitely need to take the route that would generate enough cash to get started. Can you explain bird-dogging? wholesaling? I have an idea but would like specific, baby-steps, definitions.
Thanks again!
Hey Lisa, try using the search option on the website for Bird Dogging. You'll find tons of really good information from people here that actually have experience.
It's basically finding good deals and passing them on to investors for a fee. Use the search and you'll get much better info! I know John Locke on here also has a good book on bird dogging.
Hope that helps!