I am just getting started in real estate and have come across a great deal. A 2 family home that is currently occupied, in a good neighborhood, that yields about $8500 net annual cash flow. the owners are retiring and have several other properties for sale. They are willing to hold the note for one year but would like a 7.5% down payment ($9675.00). They are asking 129,000.00. My dilemma, I have poor credit and no money and the corporation that I have formed is not yet considered "seasoned" and has not yet built up a sufficient "financial track record". Any ideas on how to come up with the $9675.00, I don't want this to pass me by.
downpayment issue with a great deal