OfflineI have come across a great rent to own property.I have bad credit and nothing down.The ad says they want 10% down or else they would work out a payment plan especially for the buyer.What are my best options to lock this up or rent it out for at least the mortgage/rent to own payment??Thanx,Darthwader any help would be greatly appreciated!!
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I would love to assist you but you did not ive much info on the property or yourself. Can you afford to pay the note, how much is it, what are the "payment" terms, etc..... just need more info
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Have you explored any type of financing companies, mortgage brokers, Hard money lenders, Home equity loans, home equity lines of credit, friends or family members that you could give a good rate of return on their money, a loan on a whole life insurance policy, advertising on craigs list for a private lender, a co-signer?
Can you find an end buyer and assign the contract for 10% of the sale price and still make money?
I was in the same boat a few weeks ago.I thought OMG! How am I going to get this house and I dont even have any MONEY? I remeberd in Deans book
"Be a real Estate Millionaire"Chapter 15.
IF YOU DON'T HAVE ALL THE MONEY THE SELLER IS REQUIRING THAT YOU PUT UP FOR THE OPTION FEE,ANOTHER EXCELLENT NO-MONEY-DOWN TECHNIQUE IS TO ASK THE SELLER WHETHER YOU PAY THE FEE IN MONTHLY PAYMENTS,SAY,TWELVE MONTHS.IF THIS IS AGREEABLE,WRITE IT INTO THE LEASE OPTION AGREEMENT.
This technique worked for me.In two weeks my family and I are moving into our frist home.Hope this helps;)
THERE IS MONEY TO BE MADE BUT NOT IF YOU KEEP SPINNING YOUR WHEELS,AFRAID TO MOVE FORWARD.JUST DO IT AND DONT LOOK BACK.AT SOME POINT YOU HAVE TO TAKE YOUR CHANCES AND PROCEED.