Don't get me wrong, I agree with a lot of what was said in this thread. However my second property I purchased was a dream come true. I had no money and an average credit score. I had a property brought to me through a guy who owned the property my sister lived in. He offered me the property an 18 unit apartment building in Evanston Il. about a mile from Northwestern University for $695000. Having no money and being green to real estate I went out and bought Carlton Sheets' "no down payment course.'' Yea I can imagine what you're thinking. BUT, I learned a lot. I cut a deal with the bank to replace the sidewalks and some outdoor lighting with proceeds from closing. They agreed to appraise the property after fix up which came to $1,040,000 I asked my father in law to lend me $25000, refinanced a condo for $85000, had the seller take back a 2nd for $65000 and the bank gave me $685000. After all the work was done and paying all expenses utilities and mortgages and paying my father in law back, I walked away with $40,000+ and the rents were making me $3300.00 a month. So yes, educate yourself, save up your pennies but don't think you have to wait till all your ducks are in order. Be creative and don't be afraid to ask for something you need, and never be afraid to ask questions. Good luck and Go get it!!!
