Updated almost 4 years ago on . Most recent reply
Best approach for first property
I am currently looking to purchase my first property in Indiana. I cannot decide between two different approaches. The first approach would be to purchase a $50,000 house in full without getting loans. This would help to eliminate a lot of risks involved with my first property. Although the market is very hot and with high property appraisals, it is very hard to find a property that meets this criteria and would not need a lot of costly rehabs. Currently, I do not have an income or good credit and could not qualify for a conventional loan. The second approach would be purchasing a property that was $100,000 - $150,000 using an asset-based lender. I am not sure if an asset-based lender would be a good approach. I am also unsure how to find a good asset-based lender as well as what LTV ratio would be optimal.