First time home property rental new to BP

First time home property rental new to BP

Stuyvsnt Plz, NY · Member since 2017 · 6 posts · 2 votes
Hi everyone I’m placing a bid on my first rental property it’s 3BR duplex in upstate New York going for 210,000. I’ve been preapproved with a conventional loan. 25% down and closing costs would come to almost 60,000 which I have but will leave me only 10,000 in the bank. That is a lot of my own money which I’m a little leery of removing but the cash flow for the property is about $1200 a month. Is there another option that does require a lot of my own upfront money or just the best way to go do you all think. Thanks Dave
0Reply
8 views

2 Replies

Jump to latestLatest
  • Fishkill, NY · Member since 2017 · 1 post · 0 votes
    8y

    Hey David, have you considered going with an fha loan? Sometimes you can get down payments as low as 3.5% Where in New York are you purchasing?

  • Orlando, FL · Member since 2017 · 35 posts · 10 votes
    8y

    Have you thought about house hacking? Staying in one unit and renting the others? I think that allows you to get a homeowners loan with less down. 

Join the conversationCreate a free account to reply, vote on answers and follow this thread.