Are there ways to purchase real estate property for investment purposes with bad credit and no cash?????

i am interested in buying my first property of what i plan to be the first of very many properties but i need to know how to cross this first obsticle of having bad credit and no cash. i am not being short sighted or cheap i am genuinely looking for ways to get my first property and i will rapidly move forward from there.

I agree with the above statements in that bad credit will make it very tough for you to get financing. Personally, I found a bank that would lend based on the value rather than the purchase price. Since I was buying from a wholesaler, I was able to get the property fully financed and a week later, refinanced with cash out at closing.

I would suggest rather than focusing on rentals, try wholesaling properties to other investors. There are numerous books on the subject but here's a reader's digest version:

1. Find a property/owner in distress
2. Figure out the value of the home after it would be fixed up.
3. Figure out the estimated repair costs.
4. Take 70% of the after repair value and then subtract the repairs expenses. This is your MAX offer.
5. If accepted by seller, fill out contract with "your name" AND OR ASSIGNS. This allows you to hand over the contract to another buyer.
6. Also put in the contract "Upon approval by partner". The investor you try to sell to is your "partner". If you can't find a buyer, this gives you an out so you don't have to close.
7. Run ad in paper and investment clubs that you have a home for sale "handyman special".

Charge an "assignment fee" which shows up on the HUD statement so it's all legal. This can be any amount within reason $1,000-$5,000.

You never "own" the property...just have it under contract.
You don't fix anything.
You don't need financing since you are not buying it.
To a few of these, pay down your debt, improve your credit, and then continue to do them so you can buy rental properties for long term wealth.

This is a very brief description (believe it or not). Please do your own due diligence. Talk with attorneys to see if this works in your area, but it should.

Peter Conti has some great books on wholesaling properties.
JasonDillard.com is another good site.

in this market is isn't going to happen. you will need to spend time fixing your credit. after you have a good score you can look at buying. you will need 15-25% down.

Not really, investment loans have become very difficult to obtain. It's virtually impossible to find one at 100% financing even if you have excellent credit. Perhaps you should save up some first, after all even if you could get a loan you'd still have to be able to pay closing costs, insurance, taxes, and any repairs that would need to be made.

It is horrendously difficult to buy investment property for nothing down. Before the current credit crunch, it was possible to buy a house to live in for nothing down, if you had a good income and great credit score. It was always hard to get a loan with nothing down for an investment property you weren't going to live in. With the current credit crunch, it is even more unlikely you can buy an investment property for nothing down. There are books that claim you can, but they offer impractical methods. Read this link. (I am not recommending buying this person's book, but read his website.)
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You are skipping some steps here. You need to have 10% Down at this point. You need to be able to make the mortgage payments yourself if it sits unrented, you need to be able to fix up and maintain the house.

1) Fix your credit
2) Start saving
3) then we'll talk.

I think this market is not good for this. I think this time, I have seen some good credit score people have been having little problems to get the money for investment. You can try by calling few banks and see if you have luck.