Hello everyone! This is my first question post so don't be too mean lol! I currently live in a townhouse in decent location in Palm Beach County, Florida that I want to move out of. I already have a tenant lined up that is solid and I can cash flow about $300-$400 a month on that. My wife insists that we must sell the house to move to another because we will never be able to come up with a down payment. I would like to keep the property. I'm going to definitely scan through other forum threads, but I just figured I would throw this post up. Anywho.....any ideas on some creative ways to get a down payment? We're looking at houses in the range of $150-200K. I don't think I qualify for FHA right now, but I am checking on that. Thanks!!!
Does your current house have equity? Can you borrow against that with a HELOC (Home Equity Line of Credit)?
@Rob Caldwell That's a great idea but I checked and I haven't got to the equity yet, we refinanced not too long ago and and are still trying to cut into the principal.
I have looked into the Fannie Mae 95% loan and my bank approved us for $200k. I'm going to try and keep it around 150K or lower if possible. So I have to come up with approx. 7k-10k, definitely not as bad as the 20-50K I figured I would need in hand originally so there's a little relief there.
My wife wants me to sell my Chevy toy car to get the money but I'm trying to hold out for another way! yelp!!!
I'm still scanning the forums and help books for the more ideas.
Good question, looking forward to reading the answers on this one
Welcome to BiggerPockets.
If you don't have much equity and you can cash flow as a rental, keeping your current home as rental will probably work best. Selling via an agent will take a lot of your equity.
Will you be able to qualify for the 200K loan on a new house without getting rid of the current mortgage?
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.