deal crushing without a down payment

[Lance Antonio]

so how about those deals you see in your area, but are not fully prepared for it, and kicking yourself in the face. haha

im a handyman here and working in a very desirable area, see an open house. only to check it out and see what its going for, and knowing the opportunity in it. but with no down payment saved up yet, and havent re done our prequalification, is really kicks me in the but! knowing what were shooting for its so frustrating to not get things done sooner. how would you guys handle it? mind you this is our first home buying experience and we'd more like to hold on to it, because there is a ton of reno that needs to be done but we'd only keep it for the long haul, meaning rental. ok end rant! Thank you BP

[JD Martin]

Well, I would say remember this: luck is found at the crossroads of preparation and opportunity. Sounds like opportunity is there but preparation is not. So you need to solve that piece of the puzzle. You don't have any money saved to put towards a deal and you haven't figured out a workaround to that issue (hint: generally, there's no workaround. You are either using your money or someone else's money).

Based on your limited post, it sounds like getting your financial house in order is the first step. If you don't have any money saved either you don't make enough money to save anything or you spend everything that comes in. Either situation requires a cure - go on a budget, get a raise, get a better job, get a second job, lower your current expenses, etc. And work on your credit score. Once you have that solved you can portray yourself to a lender as a serious individual willing to do the hard work to get things done, and you will be more likely to get a pre-approval letter.

Everything is like building a house. If you don't have a good foundation the rest of it won't matter. You can't put on fancy finishes without a strong base.