Advice for a newbie

[Yancy Dionne]

Hello,

I'm a 38 year old (yes I know I'm old) disabled guy from Louisiana attempting to get financially independent, but I have very little money to put down and I have limited income so I don't think any bank would help me. I have a turnkey house that is at market value  (165k) I'm interested in, but I could talk them down because I'm familiar with the owner, and I know what kind of rent I could get from it (1500-2000). I don't know anyone able to give me a decent loan. Does anyone have any advice, or maybe referrals for a private lender? Because everyone on Facebook are scammers. Please keep in mind I'm still learning, and I would appreciate any advice you offer.

Thanks,

Yancy

[Reid Chauvin]

Hi @Yancy Dionne - welcome! I'm from BR as well. Do you already own a primary residence? I don't know if you are familiar with the concept of 'house hacking' where you buy a place and rent out the remaining rooms and ultimately turn the property exclusively into a rental property, but that is going to be the most realistic way for you to finance a home purchase. You could rent out your other rooms to long-term tenants or to short-term tenants like travel nurses. 

There are low down payment options and down payment assistance programs available for owner occupied purchases, but not for investment properties. Only other options I can think of for someone who has little money to put down would be to find a seller willing to finance the purchase of their home, or to find a relative or partner willing to go in with you on the deal.