Creative Finance with no money

[Sabrina Hill]

Hello BP Family,

I've read a few things and heard about people buying investments properties with little to no money. I want to know if anyone could give me any insight as to what I could do to make that happen for me. I am in a situation where I have no money and I'm rebuilding my credit. There is a duplex in my area (Orlando, FL) that has been foreclosed on in a pretty decent area and I am interested in it. Here's a snapshot of my situation:

No money

Rebuilding credit

Veteran with VA Home loan (although credit is not there)

Are there any creative solutions for purchasing a duplex in my situation. Furthermore, is there a such thing as an investor purchasing a property cash and owner financing it to me? I understand with the latter part of that question they would want a profit involved of course and likely sell it to me for more than they pay for it obviously. Is that an option? Any tips and advice are appreciated!

Thanks

Sabrina Hill

[Steve Vaughan]

Since you are already driving a beater, eating pb&j's for lunch, brewing your own coffee and saving all you can anywhere you can...

A tired landlord that has been self-managing since Jesus was a boy could be in a position to offer you a seller-financed transaction.  They do need some money for closing costs and some security you won't walk (mine usually require 10% DPs) but that's easier to get than the whole enchilada.

Obviously an REO will need the money, so you'll need a partner on this duplex. Some potential partners or lenders may come out of the woodwork here.

There is more money out there than deals in most areas, but partners/lenders will want some positives from you.  We know you are broke with bad credit.  What are some positives you will bring @Sabrina Hill?