How can I purchase property for income with no down,?

Question

bad credit and first time buyer, in Orange County California?

Answer 1

Two ways...1.owner finance..If there willing

2...Have owner pay your downpayment and closing cost ..Offer more then asking price with this consideration..

Good luck..you have two strikes against you...Don't strike out!

Answer 2

You are a first time buyer and have bad credit and want income property?

You're not asking for much are you? You might want to try raising your credit score first.

There are a bunch of infomercials on every night that claim it can be done but personally, I think it's highly unlikely.

Having bought and sold 7 houses over the last 30 years or so, I bought my last house last summer for cash. I've never once managed to buy one for no money down. But I've made money on every sale and I now own a brand new house, which I bought the property and built my dream house on, and I don't owe a dime on it.

PS - one of the ways I managed to gain equity in these houses is I always paid more towards the principal than my monthly payment back when I had house payments. If my payment was $800, I'd send them $1000 and have them apply the extra $200 towards the principal. You'd be amazed at how much equity you can build up in a short time in a home. Especially in the early years of a mortgage loan since most of what you send them is interest for the first 7 years or so.

By the time I sold my last house (in Arizona) I had enough equity to move to a different state with lower housing prices and pay cash for a house. You cannot believe the freedom it gives you to have no monthly payment. I've never made a huge income in my life but I also never went into a lot of debt. I figured if I couldn't afford it, I didn't really need it. I saved enough to retire early and live debt free. It's an amazing feeling. And no, I'm not living like a pauper. I have a 2500 sq. ft. house, brand new; I have a nice car, 3 years old; I don't clip coupons. I don't shop at sales. I take trips. It's not an extravagant lifestyle but it's a whole lot more comfortable than all the people I see on this message board that are trying to figure out how to get out of debt.

Answer 3

Well you have 2 strikes against you. Bad credit and no Cash
Investment property as in homes requires not less than 10% down and 6 months cash reserves in the bank.
Clean up your act and put $$$ back for a purchase.

Answer 4

A lot of people can qualify for a 100% loan, especially first time homebuyers. But if you have bad credit, then you probably can't.

The main thing is to make sure you can cover the mortgage payment (and insurance and maintenance, etc.) with the rent you're bringing in. That can be hard when you're 100% financed since you'll have a bigger mortgage payment to make. But it can be done, especially if you get a good deal on a property--which you probably can't in O.C. right now.

Answer 5

This property does not exist. If it did, then it would not be for sale. If it were for sale, then everyone would be fighting for it. If everyone were fighting for it, it would not be available through Yahoo Answers.

IF you have credit - you can buy without down payment and income.
or
IF you have income (you run negative cash flow) then you can buy with no down payment.
or
IF you have a down payment, then you can get positive cash flow.

BUT YOU HAVE TO HAVE SOMETHING!!!!!

You are basically asking if there is a way to get income for free!

Sorry to be the one to burst your bubble.