According to Realty Trac, the house we love has an "opening bid" of $487k, the owners are $15k behind.The house's value on the open market is between $1.2-$1.5M - which we could never afford, obviously.

I can't afford to being investing anywhere here in the San Francisco Bay Area...it's way out of my price range.

Not a broker or anything like that so, please don't run for the hills yet and let meexplain how we might work together.I'll look at just about any commercial property or land deal and am fortunate enough to afford it.If a bank that holds the note says the price is 500M, 500M it is and whoever leads me to it willget a piece of the profit, something like $125,000.00.

It is probably and ALT-A or portfolio product offered by that lender.2.

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I work two jobs and my husband also works full time, but we cannot afford to wait for 2 or 3 years before we save the money.

Search online and this forum. the information is out there just need to find it. also ask friends and family if they ever purchased some items in the past and read those... i told my parents about my plans and my mother bought a couple of programs in the past where i learned some howto stuff... also on these forums there is a forum dedicated to rate books and other investment tools to see if they are worth it. do more online searching than anything... make sure u dont buy something for it just to collect dust. find out everything for free while u can and make a decision if you really need to buy a book. check out creoline.com also. it's a creative online investing site they advertise products there too but i jus read the free articles.

Perhaps you are referring to the listing Realtor and not someone who you hired to help you find a home.The problem from a conventional financing standpoint is that you have multiple residences on one legal description which makes this a multi-family property beyond the "normal" 1-4 unit residences acceptable to conventional lenders. 2)What is typically done to avoid making a down-payment and/or paying closing costs.If you are asking specific to this property, there probably is no 100% financing option available so you may have to pass on this one.Generally speaking there are many programs for little or no down-payment and you should be talking to a mortgage lender about what you can afford and qualify for prior to looking at homes.As for closing costs, you may qualify for city or county down-payment assistance programs (which are more typically used for closing costs instead of down-payment).

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After much reading and research, I choose this type of investment for several reasons, not the least of which being it is what I can best afford; vacancies shouldn't be a big problem since its a high rental area; its a low income area, so if I find a sound building, I won't need to spend a lot on improvements to attract tenants (since the tenants wouldn't be able to afford to pay for those rental extras anyway).I'm doing the deal with "no money down-ish" by tapping the equity in my personal residence (HELOC, rate is prime, no margin, 15 year term) for the down payment, and financing the rest at 90% with a conventional 30 yr, 7.75%.