How to be creative to purchase the next property

[Roberto Filice]

Hi BP community. I am trying to think of a way to come up with the down payment to purchase my next property. I have used up all the cash I had to purchase 3 other properties. I have great income and great FICO score but lacking the down payment.

I looked into getting a HELOC but the rates are too high (around 9.4%). The rental properties I am looking at sell for around 100k with a rental potential of $ 1100.

The HELOC + mortgage + property management + insurance +property taxes + vacancy factor would be the same if not more than rent.

Any suggestions? If I wait to save the money for the down payment, it will take too long. Possibly hard lenders? Do they lend 100% (probably not). Not sure what they interest rates would be.

Thank you.

[Kerry Baird]

Look for tired landlords and make an offer with owner financing. Ask your local agent to send you an automatically generated list of owner financing houses on the MLS. Move out of your primary residence, rent it out and look for a new low-down payment mortgage.

Hard money lenders do not lend at 100%, and it is more common at 65% to 70% loan to value.