Low money down loan

5 Replies

Hey BP, 

   i have an opportunity to buy a multi family complex for 250000. All the numbers work out great the properties value is 400000 with a 57000 dollar annual income. also it is sitting on 12 acres of land with a great potential for growth. the only issue is this is the first property that is being bought through this company and the bank is wanting 25% down in order to get the loan. my question is what has been done by some of the BP investors for obtaining a loan that requires much less upfront or even a loan for the full amount. any suggestions will be appreciated 

if <4 units, you can apply for conventional financing as long as you plan to live in one unit for a certain period of time. 

Another option is to ask the seller to carry back part of the down payment. Typically 10% and all you have to do is come up with 15%. 

Partner with someone who can put up the down payment. 

How did you obtain the properties value of $400k? Is that the tax assessed value? 

Thanks Jay

Much appreciated 

  I actually thought about getting seller to carry down payment , but have no idea how to write it up. Any advice for how to do that or a good resource that speaks on that?

Also, It is 9 stick built homes and one mobile home, bringing in $57,000 gross a year. 

Originally posted by @Jordan Portillo :

Thanks Jay

Much appreciated 

  I actually thought about getting seller to carry down payment , but have no idea how to write it up. Any advice for how to do that or a good resource that speaks on that?

 First you have to know if he's open to the carry back. If he is, your realtor or attorney will know how to place that in the purchase/sales agreement. 

Great thanks for all of your help Jay, much appreciated. 

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