Hello, I'll try to keep this quick and simple. In the past 10 years I have bought two, two family homes, two 10 acre lots, one condo and my personal residence. I'm currently searching to purchase another condo but once again I have to deplete all my savings for the 25% down the bank needs plus closing costs.
What other option do I have for down payment that the bank will not reject? In addition, the investment properties are around the 100K price range. Do I finance for 15 years and make $150-200 a month or 30 years and make 300?
I like 15 years cause I want to retire early. I'm 42 and my target retirement is 55. I figured that if I do 15 year on the properties and buy one a year then every year I'm retired I'll be in a better place, as each year one property will be paid off and my retirement will get better and better the older I get.
Your thoughts are greatly appreciated.
Hi @Anestis K. ...have you ever considered finding off-market properties and working with sellers to secure creative financing? If the deals are structured correctly you can often get a much lower down payment as well as interest throughout the term of the loan. Sometimes, if the seller is motivated enough, you can work out NO down payment!
Brandon you have a great point, however with a full time job, kids etc. it gets hard to find properties on my own. I depend on my realtor to do the searching., but I might have to find a little extra time to do a little research on "For Sale by Owner" properties.