My name is Danny I am 19y/o to anyone who cares I really want to get into real estate investing and I've been looking at properties on homepath and really want to flip one so I can rent it out. But I cant find a loan other than the FHA 203k which you cant buy as an investor unless you're going to be living in it for one year. So I'm coming here asking if anyone has an idea of a loan I could get with a pretty low-interest rate that I could get for the mortgage I just need the mortgage to cover the down payment. Any help is appreciated thank you! :)
@Daniel Villanueva , you want owner-occupier terms and rates, but don't want to be an owner-occupier? What's up with that? You don't want your own home?
I reckon the best ethical compromise is to buy a quadplex; live in one and rent out the rest! Or, a duplex or triplex if you can't qualify for the price of a four-unit property.
And yes, you want a 203K loan because you want the (bargain) discount that you should be getting with any fixer-upper.
ie. Look to ensure that its value would increase by lots more than the cost of fixing it!
As a nineteen year old, does one year seem like a lifetime of obligation?
Us older folk laugh at that sentiment...