Being new to the business and having no credit, it is going to be tough to get banks interested in making any kind of loans in today's economy. You may have to get creative to control cash flowing properties. There is some hard money available, but the higher interest rates can eat up any possitive cash flow.
We have had ecent success with master leases and options to purchase. These can be structured in a way that accomplishes the same as the old "Wraps" that were popular 20 - 30 years ago. The drawback is that you have to bring something to the table that the owner needs or wants and can add value to the property in a way that the owner can't (or isn't willing to) In other words, you have to shop for the deal as well as the property.
If you would like to discuss a specific scenario or specific property, call me at 623-217-0432
Oct 8, 2010