No money for %20 down!

[Rick Ducote]

I don't have the cash for this. I have been looking lately for a piece of property to buy for my first buy and hold(rent). I have found some potential properties, but ave been hesitant so far. My real problem is I don't ave the cash to put down for a conv loan. What I do have is credit cards with no balance on them that I could get the cash out to use. My question: Is this possible and is this a good way to get the cash if you don't have it? I don't have the equity in my own home to use a HELOC(Tried this already) and I don't know any other way to raise the cash except to just save. If I do this, though, I keep having this feeling i might miss out on some great deals.

Any advice?

[Tom NA]

Most people buy big screen tv's they can't afford with credit cards - you want to up the ante and use them for a down payment. You better get a darn good deal on that property since it's unclear to me how you will ever pay off the credit cards if you follow this path.

My recommendation is to save up some money and put yourself in a financially stable position before jumping in. Great deals will always be out there but in my opinion, only those that can demonstrate fiscal responsibility are positioned to succeed in this business. With what sounds to be little equity in your home and little cash reserve, you are one layoff away from serious issues and that would be a much bigger concern to me vs. how to fund a real estate investment.