acquiring my first rental

[Mario T.]

Hello BP family!

I recently bought my first house using a FHA loan a year ago because my girlfriend and I were having a baby. This was before I knew all I did about real estate investing. I've saved up some money since then but got laid off from my job 3 months ago, sparking me to be an investor full time.

My initial plans were to use conventional mortgage to buy my rental but now I don't have a steady stream of income so no one is going to lend to me.  All I can think of is try to find a seller willing to do a seller financing. 

The question:  What are my other options??? 

[Joshua D.]

@Mario T. First things first, I would advise to keep that excitement for REI burning.

What is the status on the Job? I would focus on that first. Then it opens up all the doors in lending.  

To answer you question getting deals is tough without cash or available financing. But it is possible to partner with someone who is credit worthy. Are you involved in a local REI? There has got to be someone there that is new and excited but has no money and a good Job. might be a perfect match.

Other option might be to move to Detroit and buy houses with your credit card.