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Answers (11)
- Craig1976
- Contributions:69
Shawn did you just attend one of those sales events near the airport, which told you to blast the Zillow boards regardless of whether you have something to contribute?
- Shawn Ryan Rosa, "sryan1980"
- Contributions:493
be aware that some banks give preference to owner-occupants first, at least over the first few days of the listing
- helaurin
- Contributions:23
I'm working with a mortgage broker who found a lender willing to do 15% down on an investment property. It wasn't easy for the broker to find, but he did. Like the original poster, I don't have 20-25% down plus closing costs.
To mitigate some of the risk:
1. The seller is including a home warranty to help deal with major systems failures that might occur.
2. I found my tenant first and worked out that they will buy the house in 3-5 years - they need time to get their employment history/credit where it will be best for them. The initial lease is 3 years, with lease increases built-in to accomodate increases in real estate tax and cost of living adjustments.
3. I chose the property with tenant - we literally hunted houses together. So they saw what kinds of properties existed in the market and aren't left wondering if there might have been something better.
- Roxanna Calero, "GPofNY"
- Contributions:10
Cash is key when investing. There are many good suggestions in the responses below: finding a cash partner, going to local banks and seeing how they can help you financially, or visiting your local realtor to give you a few options.
We can help you find a property and manage it for you. Feel free to contact me if there's any way I can help :)
We can help you find a property and manage it for you. Feel free to contact me if there's any way I can help :)
- Luis Lozada, "Luis Lozada"
- Contributions:4350
talk to one financial counseling
- Mark W Hunter, "Mark W Hunter"
- Contributions:53
Even if someone did give you a grant to buy the home with no money down, you need to have enough reserves to pay for the property if it isn't leased from time to time. No to mention repairs like roof or HVAC, that can get expensive fast!
- Mitchell Jamel e-PRO, "MyStAugustine"
- Contributions:130
It sound to me that an Investment is not right for you now and you should wait until you have enough cash not only for a down payment but to set aside in case the Renter moves out, needs major repairs etc.
What I do know during the last 3 years I have meet and spoken to many home buyers who invested and now have to start all over, for me it is not worth the risk based on what you have written
What I do know during the last 3 years I have meet and spoken to many home buyers who invested and now have to start all over, for me it is not worth the risk based on what you have written
- Ofe Polack, "Ofe Polack"
- Contributions:1418
Have a word with a few lenders and see what they suggest. Good luck!
- Real Estate Investments, "Marco Santarelli"
- Contributions:264
Have you considered finding yourself a "cash" partner? 50% of a deal is better than 100% of no deal. You can build up a down-payment for the next one as you go...
Good luck,
Marco Santarelli
Good luck,
Marco Santarelli
- HomeSand.net, "White Picture"
- Contributions:4395
My sisters cash out from their primary residential and use that money for the down payment, go to the small local mortgage offices to apply for the loan, it is easier to get the loan (which use the future rental income) from the small local mortgage offices then the big banks.
- sunnyview
- Contributions:25139
Nope. Not according to the lenders on this board. The banks are requiring real down payments on income property now even if you have equity in another home.
I want to buy foreclosure home as an investment or rental property.
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