Looking to start. Little cash on hand.

[Danny Morrell]

Hey all!

I was hoping to get some insight... I've got about $10,000 on hand and would like to get my first rental. I recently purchased primary residence and I'm not sure if any of the low down payment options would be available to me. I'm in the Denver market, looking to invest here, Houston or Atlanta. 

[Kenneth Zavala]

Quote from @Danny Morrell:

Hey all!

I was hoping to get some insight... I've got about $10,000 on hand and would like to get my first rental. I recently purchased primary residence and I'm not sure if any of the low down payment options would be available to me. I'm in the Denver market, looking to invest here, Houston or Atlanta. 

Hey Danny hope you’re doing well. For a potential rental with that little cash in hand an owner occupied loan may be close to your only option. There are creative financing options available on for sale by owner homes depending on seller that you can explore.

I’d recommend saving while you find a great low price fixer upper opportunity. You could do some kind of flip or BRRRR if you got a property at a good rate that isn’t a complete remodel. Look into private and hard money options but careful with the hard money as they expect to see cash in hand. The penalty on not being an easy customer is higher rates or more points on top of your loan.

Please let me know if I can help!