Questions about Buy and Hold

[Ashley Cast]

Hello Biggerpockets members,

I am considering working on buy and hold properties, single family and multi-family. Though, I would need more education on how to do and what to expect when dealing with multi-family homes. I have read a few of the articles on here that have discussed how to analyze multi-family homes.

I do have a couple of questions revolving around the financing. Since, I do not have a steady income, I would have to consider creative financing, hard money loan, and private money or another way of financing a deal. With using a hard money loan and in some cases creative financing would require some money down. Which I do not have much saved.

I have looked around my market to figure out the average rent and I know with a hard money loan it would be almost impossible to make a monthly income off a deal if I were.

So my questions are:

Are there any other ways to finance a deal that would not require proof of income?

Would a private money source fund a down payment on a buy and hold property?

If, a private money source would fund a buy and hold property would I just take there return out of the income made for the month?

Any advice would be greatly appreciated.

[David Faulkner]

It will be difficult with no money, no/inconsistent income, AND no experience ... you normally need at least 2 of those 3 ... perhaps you could work in RE services, like as a RE agent, for example, to earn while you learn and get yourself closer to getting 2, if not all 3 to invest with ... I'm not sure of your exact financial situation, but I would also add that if you have not yet mastered personal finance, you best focus on that before buying any sort of property ... this will also help you save some money. It will be slow going at first, it always is, but in the beginning you are laying the foundation for you future RE empire, so it is critical IMO that you do not try to side step or shortcut the process.