Possible first deal......
Hey everyone! Been a while since I posted a question, I think I have a good one for you. I may have found my first purchase. I want to buy it as a rental to hold indefinitely. Here are the basic stats. I could use some info on financing a deal like this. It is a small 2 BR SFR in Aurora, Colorado. Asking price is $29000.00. It was bought by an investor, who rehabbed it completely, and now wants to sell it. In the ad it says to bring your proof of earnest money and a letter from your lender. I don't have a lot of money saved yet, but I will soon. Also, I don't want this deal to get away from me. There are several factors that are causing me to want to make this happen quickly. My question is, can I find a lender who will qualify me with little or no money down on this deal, or will I need to come up with 10 or 20 percent down? Even then, will I be able to find the funding? I have heard that it is hard to get funding under 50k, just haven't gotten that far in the process yet. If anyone can tell me what should be my first step, I would really appreciate it! Thanks in advance!
Claude