Updated almost 7 years ago on . Most recent reply
Obtaining first loan/financing
I am interested in obtaining my first rental home, but I do not have the funds to secure a down payment. Is there a way to use crowdfunding investing to obtain a loan? or any other alternatives to this situation? I live in Virginia Beach where vacation rentals do very well.
Most Popular Reply
Hi Justin,
Look at owner-occupying a 2-4plex. If you're able to scrape together 3.5-5% for a downpayment, you're in! Buying an investment property requires 20-25% so going owner-occupant saves big on your first purchase.