1 Thought on How can I buy a house with no money down to use as a rental?
  1. Reply
    doublek
    May 26, 2013 at 6:16 am

    This isn’t easy. First of all, do you have any idea what your credit score is? Most legitimate finance companies look closely at credit scores for what’s called “non-owner occupied” properties.

    If you don’t have any idea about your scores, you can try going to http://www.annualcreditreport.com which will allow you to pull 1 free credit report from each of the 3 credit bureaus once a year. Take a look at your report and dispute any inaccuracies.

    Find out also if there’s a housing commission in your area, or a local HUD office. Talk to them. If you don’t already have a home of your own, consider purchasing the house and living in it for a bit (easier to finance) or purchasing a 2-4 unit and renting out the others as you live there. That’s also easier to finance than one you don’t live in at all.

    Some times private sellers will carry back part of the costs to cut your outlay. But, even so, there are typically closing costs, like title insurance, lender fees, transfer taxes etc. You really should try to have some funds available for that, and for the inevitable repairs. 🙂 Good luck with it!

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