Newbie Needs Ideas
I am extremely new at this and I need some ideas. I have come across a rental - single family home- already occupied with steady rent of $675 per month. It appraised for $65000 and owner is willing to sell for $50,000 - 55,000, and is very motivated. Problem is I have a low credit score (514) and no money. I have owned a home for two years but my payment history is spotty, with a few late payments. Can anyone think of a way I can purchase this rental and get started in the real estate game?
if you`re just starting, do not hang up on one property, especially if you don`t have money. Talk to a seller, make an offer (no money down, and the rest after you get it sold etc, etc) , if yes -good, if no - move on. Please don`t risk your money or credit especially if you`re not ready.
But if seller is motivated, he could accept an offer. DON`T HANG UP ON ONE DEAD DEAL, move on. You will succeed.
OFFER: purchase price 50000 (or 55000), no down or little down, get the deed or lease option from seller. Rest of the money when you get it sold or cashed out. YES or NO. Easy.