Posted by Nick on July 23, 2001 at 11:19:52:
Bruce is right the Hard Money lenders are probably the best way for you to start. Based on what you told us. However, you should know right now, that you will have to work harder than others who have the capital and other investments to work with. Because you have to work harder doesn’t mean you can’t do it.
One thing to be sure of. Buy only deals you know will make money. In your position you can not afford to make a mistake at the beginning. Buy only houses that you could rent out and cover the mortgage payment. It is OK to buy with the idea of fixup and sell. But if it doesn’t sell you need to be able to rent the home out.
Hard money is expensive, the interest rates are higher. One good idea would be to buy a house with the hard money fix it up and rent it. Then refi and take some money out. Then you would build up the capital you need.
Keep trying and don’t quit. You don’t loose at this until you quit.