Updated over 6 years ago on . Most recent reply
No money for down payment
My brother has a duplex that he's willing to sell, he's moving out of state and willing to hand it over but I already own a SFR ( house hacking with 2 roommates) and in order to get that it has to be in investment property with 25-30% down.
I don’t have that money laying around.
I’m currently a student and a Nurse at the Same time I’m thinking about borrowing student loans as a down payment for the property. It’s in a great place and can at least generate $500/ month after everything is paid off.
Selling for $200k and house is worth $230k
Is there a way around this. Where can I get the money there isn’t enough time and he’s trying to sell ASAP.
Please help with any suggestions.
No Heloc my house was purchased last month.
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#2 General Real Estate Investing Contributor
- Realtor
- Hanover Twp, PA
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#2 General Real Estate Investing Contributor
- Realtor
- Hanover Twp, PA
@Michael Acheampong, I think @MJ Erb was alluding to a "subject to" purchase where you buy and just keep paying the existing mortgage. Read up about that.
Will your brother receive proceeds from this sale (money into his pocket)? If so, he could lend you the down payment and he could be the 2nd lienholder behind your primary lender. If your brother could make a decent return, it might be a good use of his money.