First House... Buy with cash or down payment?

3 Replies

Okay. So, I want to buy a home I can live in while I fix it & rent it out.. rinse & repeat. I live in the Detroit area & my budget is 12k. Only houses I can get with that are in rough neighborhoods, that I myself do not want to reside in. What would you guys do?
@Shanae Williams One main reason investors don’t use bank financing on the front end is because her bank won’t finance properties that they deem uninhabitable. That said, you should be able to get financing for a flip/BRRRR that just needs cosmetics. Depending on what it is, $12k may not cover the rehab, so keep that in mind as well.
Originally posted by @Shanae Williams :
Okay. So, I want to buy a home I can live in while I fix it & rent it out.. rinse & repeat. I live in the Detroit area & my budget is 12k. Only houses I can get with that are in rough neighborhoods, that I myself do not want to reside in.

What would you guys do?

  I bought my first home in the detroit area you can get pretty good financing in certain areas with no closing cost depending on the area code. It what i did for my first few home lived in them renovated them and rented them out. If you would like to PM me or meet up we could possibly partner on something 

@Keyonte Summers Do those same banks provide refinance options? Nice to know its some local banks that are willing to lend in Detroit.

@Shanae Williams I bought my first investment property with less than what you are using to buy, it will take some digging (tired landlords, properties thats in code violations, auction). Also, you have option to do land contract or seller financing.