So I have a deal from a family member that’s half market value. Would it be possible to buy with little to no down payment. With so much equity already in the property. It’s a 30 unit mobile home park in Reno Nevada.
Rental Property Investor · MO · Member since 2019 · 13 posts · 8 votes
7y
@Josh Hill if you are getting the property for 50% of the value I'd go to your local bank and get an in house loan. It will have an adjustable rate. You can normally lock it in for 1-5 years. They are a bit higher than the standard Fannie Mae backed loans but you don't have to jump through all the hoops. Also this being mobile homes and 30 units, it might be your only option. They will normally loan up to 75-85% of the property value. Since you will be getting at such a low value, you shouldn't have to put any person funds in. That will all be contingent upon an appraisal coming in at what you believe to be the value.
Investor · Portland, OR · Member since 2013 · 133 posts · 88 votes
7y
Both options are good. If they are a family member, would they let you get in with no money down and then make payments? Or do they want a pay out? There are private money loans etc and other options too.