OfflineI have been in the process of putting together a deal on an REO Condo I found for 25k. But due to my credit, I don't think I can get a loan to lock it up/finance it. So I placed an ad like this:
CONDO - RENT TO OWN
5k Down
I am getting responses from buyers who want it, yet they want the address - which I can't provide to them because I don't have the deal locked up (because I have no money, and no credit) I need their down payment in order to lock it up and sell it to them on a lease option. The only problem is: How can I get them to put up the down payment without knowing the address and risk them stealing my deal once they see it listed for much cheaper then I'm offering it?
__________________
Did you see what you can actually qualify for? You said in your post that you "don't think I can get a loan to lock it up/finance it".
You are right, it is very risky to put those ads because:
1) You do not have the property locked up
2) You do not have interest in the property to sell a contract
I would suggest going to mortgage broker and seeing what you qualify and than start building your buyers list of qualified buyers who have money to put down. You can also partner up with them and share in the profits 50/50.
Good Luck
"You only fail when you give up. Never fail to give up"
I have spoke with a mortgage broker, and he informed me that I do not have a credit score. But I do have some negative items on the credit report, and would require a cosigner for a loan.