I have one rental property and am looking to get more but don't have the down payment for more properties is there a way to buy more properties without putting down 25 % I have excellent credit. Don't have a lot of equity into primary residence or I would do home equity. Any ideas would be helpful!! Thanks
Homepath program has investor loans at only 10% down for SFRs. And there are many discussions here on BP about investing without much cash. You can use the search bar at the top right of the page. But I'd say be careful about getting in to a lot of property without proper reserves. A few unexpected setbacks without funds to deal with them can really mess things up.
Be sure to read the info here as well: http://www.biggerpockets.com/starthere
Definitely want to make sure you have some reserves set aside for unexpected expenses as Jean had said. Lender's do offer conventional loans w/ only 5% down for primary residences. Maybe you just aren't happy with your current home and need to make it a rental and you could occupy another home. Who knows, maybe you'll get tired of living there after a year or so and may seek another primary residence.
thanks for the advice I think I know what u mean. Can u keep doing that without ever getting an "investment " mortgage ? Also Jean is the homeopath only for FHA loans
Use an investor partner. If you can get a mortgage and they have the down payment and closing cost cash, partner and split the net. I've done that before.
Just remember to take your time there's no rush. The last thing you want to dol is over leverage yourself; because you can't fix the roof with good credit.
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