Hi I’m relatively new to real estate investing, made a few deals years ago when the market was booming but then chickened out after that. Which I guess was for the best because I sold before the big down slide.
I’m having a heck of a time trying to get a mtg on a condo. There are dozens of condo's in my area that are KILLER deals and great opportunities for cash flow. I want to buy 1, fix it up and rent it out then rinse and repeat. I have excellent credit and a great income at my job of 9+ years… but very little cash in hand (going through a divorce). The banks wont touch anything without 25% down and furthermore these condo’s are <60k and that’s to low for them. Am I going crazy or is this just nuts? I can easily own 2-3 of these and make the monthlies with my salary let alone if I had renters in them. Can anyone suggest me alternate methods of getting funding for this kind of investment?
Thank you for your time.