I want to buy another house but don't have money to put down. Investment.?

Sort of a strange question I guess. I already have a house that I live in. I want to buy another house, as an investment. I don't want to pay very much monthly at all. (interest only?). I have excellent credit. Would it be bette rto try to buy a building (3 flat or duplex) and have the tenants make the payments? (provided I have tenants). Ideally I'd buy another house that I can move into now and keep my current house till the market gets better for sellers. ok, long winded I know. Any suggestions on how to do this with no money down?

This is in Chicago and the north west west suburb area.

You will need some money down since you are purchasing an investment property. You can take an equity loan on your current home to use it as the down payment for your investment property. I don't know of a lender who does 100% financing on an investment property.

The mortgage business has changed considerably in the last 6 months, underwriting guidelines have changed making it more challenging to obtain a mortgage loan. Generally lenders look for reserves (money already in the bank) when you are buying an investment property. Most of the foreclosures on the market are from investment properties. When people fall on hard times, they will pay their primary residence mortgage first and let the investment property go into foreclosure (non payment) and let the bank take over the property. If a lender has too many foreclosures, it puts them out of business (see local newspapers on mortgage lenders going out of business).

which country and province/state/district is this in?

laws vary

any answer really depends on the location you are talking about and the money available . the first drawback i believe you will have a hard time finding a company that will let your put no money down... i would suggest you save some money and since you are willing to move look around for a duplex -- than you will have the option of living in any three.. but either way with the market right now is a buyer's market -- but only buyers that have cash or a real great steady cash income!!!