How do I qualify to purchase an investment property?

How do I qualify to purchase an investment property?

I already have a mortgage and also carry a lot of debt. I want to buy a condo that is way under value and I want to rent it out. My question is, how do I qualify for the financing since I already carry so much debt. Am I better off putting a 60 day offer on the condo and then try to find an investor or buyer to buy it from me at a higher price?


quailfying for purchase

That is one option that is open for you, doing an assignment of contract. Another option may be doing a lease option and than a sandwhich lease. That is you leasing the property and then leasing it out to someone else. You could also look into hard money lenders if this is something you want to hold short term. These are a few more options to look at with this property.


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If the condo is really

If the condo is really greatly under-market then lock the property up and take on a "financing partner".

"financing partner"

how would you make this deal? Give the "financing partner" a percentage of the monthly rent, or a flat rate on his money...

Thanks Mark.


Don't Wish the Past, Create the Future! - DH

Flat rate is better. But if

Flat rate is better. But if Im the financing partner then I want a piece of the deal.

mark what

kind of "financing partner"? like what, put an ad in the paper for financing needed or something like that? SULLY.



Partners can be an

Investors, someone like me and you, friends, family members, private lenders and anyone with money.

look hard at a partner

I went to a friend who has money and told him what i was doing, he sounded intereted.
i found a triplex that was 40% under market and asked him if he put up the money for the down payment i would do the rest and when we sell we would split the profit. his comment to that was,(A partnership would have to be formed. There's also a number of other things that have to be done before you could even think of doing this type of stuff.)
I tryed to explain to him that he would just be the money guy.

so feel out who you want as a partner, it will take time.


Just do it,don't be afraid to fail,failure is just a stepping Stone to success