Well in my studies I came across the following link which I think might help new people who are starting out avoid some authors and "get rich in real estate" programs.http://www.johntreed.com/Reedgururating.htmlReed takes a no B.S. approach to debunking a lot of the programs and books out there...good way to know what to avoid for us newbs : )...

Ask you lender what it would take to put a no money down transaction together.

Trying to raise the rent was a no go.

I know when I bought my house, I did a "no doc" loan that I don't recall documenting much of anything on, but that was a few years back.

With fair credit you should be able to put together a no money down transaction and afford payments comparable to your current rent.Good luck.

Not even a no doc loan.is there anything I can do to get a loan????????

Well, I actually have a couple times, but it was when I knew the house couldn't hit my numbers, and it might hit my competition's.This IS a business, and my business is to offer a no hassle, no haggle solution to a real estate problem.

What you can do though is buy it for cash and once you own it resell it.. you cannot rent it back to the old owners thats a no no as well.

I don't remember the laws exactly on the latter, but I remember that claiming a 1031 as a homestead was a no-no.I know enough about these subjects to get myself in trouble, so I'd like Wexeter to take this over.

ok, i want to make this short but it might run on.i re-fied my primary residence and took about $100K out.i just offered to buy my first rental and the seller accepted my offer.the offer the seller accepted goes like this.purchase price--$265K20% down--$53Kseller pays $7,950 in closing costs.i want to go with a no doc, conventional investment loan.814/804/787 are my tri-merge credit scores.one loan officer is telling me he can get me 6.5% interest only conventional investor financing with 20% down-no doc's, but i have to come with $2,000 out of pocket.