It seems getting something done right is imposible this days, i really want to get started in home purchases and lease them. Amarillo, Texas is my hometown theres a constant arrival of minorities that are in need of housing, this past august i bought a foreclosure home and now leasing it for $500 its small nice neighborhood home. The days are passing by and i feel the urge to start some business now i am 19. Credit its possible that i dont have any but, i need to get a loan to buy 4 or 5 small homes and lease them and recuperate that money maybe in a cuple of years. I just need a loan company to belive in my capabilities, my life starts here with that loan. I hope you can assist me, you can contact me in the morning central time from 8 am to 1 pm.(806)236-5767

Thank you,

If you have no credit then the only options I know of is for you to get a loan for a home you will occupy.

With no score the best financing available in terms of interest rate, max seller paid closing costs, and little or no down payment is FHA. (However they are very picky about the condition of the property but that will be changing first of the year)

Anything outside of that will be much higher in terms of interest rate and more restrictive on seller paid concessions or down payment requirements.

Aside from residential lending you could do owner financing or land contract/lease option.

Any outside of the box idea's anyone?

1 idea is getting a multi unit home you occupy. That would work under FHA and you would get a start on building credit while getting help from the other units in terms of rental income.

If you have a credit score then things are different. Until you know what that is I do not know what to suggest.

If you would like me to help as a loan officer I can do Texas. We can find out more about your credit report free of charge.

Since you are low on cash why not just put deals under contract and assign the deals for a fee to the retail investor that wants to fix and flip?This would build cash for you and open up other investing opportunities later.Everyone has to start somewhere and good luck.

not giving legal advice

If you already bought one home, then you may be able to get some equity money out of it to make a downpayment on a second home. Then get equity out of second to buy third, etc. That's the way most small-time investors I know get started.