2006-07-23 03:42:49 · 5 answers · asked by aj7220420012000 1 in Business & Finance ➔ Other - Business & Finance
You can't. You can sometimes buy a residence to live in, but income property has different rules. The lenders know it is easier to walk away from rental property than a house you keep your family in, so they have tougher requirements. Minimum down on an income property is at least 20% (plus closing costs) and you have to prove your income is high enough to have that property sit empty for months.
Rental properties are not always rented (at a minimum, there are a few weeks between tenants), rents do not always go up, and repairs get costly. Unless you have some money saved to handle these issues, you cannot afford to be a landlord. Period.
2006-07-23 03:48:06 · answer #1 · answered by Lori A 6 · 0⤊ 0⤋
If you don't have any money to put down, then you shouldn't be purchasing anything!! You need to also have savings to fix anything that might go wrong as well.
Stick to renting for now, and when you have some money saved up, look at it again.
2006-07-23 03:47:20 · answer #2 · answered by pnk517 4 · 0⤊ 0⤋
Yeah right bad combination. How are you going to make repairs after you buy it with no cash flow left over and no credit?
2006-07-23 03:47:18 · answer #3 · answered by NOVA50 3 · 0⤊ 0⤋
Isn't going to happen legally, unless you have a VERY wealthy family member that is willing to pony up some cash.
2006-07-23 03:45:21 · answer #4 · answered by weirina85 3 · 0⤊ 0⤋
well there are firms out there which provide loan on bad credit
2006-07-23 03:46:15 · answer #5 · answered by Anonymous · 0⤊ 0⤋