Looking For Help In Getting Started!
I am looking into buying some rental properties but not sure how to get started. My main problem is I do not have a lot of start up cash. The other problem is I am unemployed right now. I heard that you can use the potential income of the property as income when applying for the mortgage. But is there any simple way of buying property with out having to take on all the closing costs that are involved? I live in New York near Rochester if that is any help. Any help would be appreciated. Than you!
Lenders take into account the income of the property when you apply for a loan. They discount the income to cover repairs and vacancies. You may not be able to get an institutional loan with few assets and being unemployed. There are a number of people out there who rely on seller financing and avoid institutional loans. You will spend a fair amount of time trying to find owners who will finance the bulk of the sales price. You might try finding a partner with some financial strength.
I had a couple other people who were interested in investing but I wanted to see if it was possible to do it on my own. Thanks for your help.