Updated over 5 years ago on . Most recent reply
Possible to get 5-10% Down Payment on distressed or gutted SFR?
I'm looking to buy and hold my 1st SFR in the summer when the situation blows over and tenants can afford rent. Aiming for 2/3 beds that are 100k total max, but obviously will be attempting to get distressed properties for much lower around 60k.
My goal is to put $5k down, have around $500 PITI, reserve $10k for updating kitchen/bathroom, and rent out for $800-1200 a month.
Is it possible to get 5-10% conventional loans, so I have enough cash reserves left over to self-fund renovations and basic maintenance?