Investment property financing
Hello BP community! Total newbie here seeking some advice.
I have been told by my local financial institution that all of their loans for investment type properties require 25% down at this time. Does anyone have any recommendations for other institutions or other ways to finance a rental property. My situation is as follows.
60k annual income
25k available to put down
only debt is my car at $250 p/month
Excellent credit score
Would like to see if there is any other conventional loan options that would allow a lower percentage down in order to maximize on what i have at the moment.
Am currently working with a local agent to find a duplex as a first investment property in the northern Madison, WI area.
I am completely new to real estate and have been doing tons of reading here on BP. I am still learning all the lingo and numbers but am finally in a good position to start investing. Look forward to hearing your ideas!