How do I go about buying rental properties with no money down?

by **ashbey15** » Fri Oct 28, 2011 5:49 pm

I am interested in buying already rented or maybe not already rented but will have a management company find some a tenant. The properties are in Indianna and I live in NY. Is a land contract right for me? I read the owner of the property rents in out to u. But can I rent it out through a management company to someone else through a management company?

by **calvert** » Fri Oct 28, 2011 5:49 pm

I am interested in buying already rented or maybe not already rented but will have a management company find some a tenant. The properties are in Indianna and I live in NY. Is a land contract right for me? I read the owner of the property rents in out to u. But can I rent it out through a management company to someone else through a management company?

by **cuartio52** » Fri Oct 28, 2011 5:52 pm

The Frank-Dodd Act that took affect Jan. 1, 2011 requires anyone buying real estate with a Land Sales Contract, Rent to Own or any other private financing must have the same credit score and finances as the HUD credit and finance requirements at the time the contract is signed. Plus the buyer must attend HUD classes on the pitfalls of using private financing.

In total there are 387 new rules that now govern Land Sales Contracts. If you don't follow each rule, your contract is illegal and not binding.

by **treasigh** » Fri Oct 28, 2011 6:07 pm

No money and no credit no rental properties.

by **achimelech51** » Fri Oct 28, 2011 6:14 pm

No money and no credit no rental properties.

you don't. Sorry, but your plan is doomed to fail from the start.

Advertisments:

Sponsor Links: