Buying 2nd rental property
Hello all,
so i just purchased my first 2 family house during this crisis, the values will obviously come down but thats ok I am not planning on selling. So i will be living in the upstiars and renting the other unit which pays my mortgage and some taxes. I put down only 5% as a first time home buyer i got very good terms with bank of america, home loan grants closing cost grants. My question is how do you buy a 2nd property? Are any lenders giving 10% down mortgages? I live on long island, closing costs are 25k plus down payments. 2 family houses are MINIMUM 400k but hoping to take advantage of this virus and find some deals. Regardless its still very expensive and difficult to purchase homes with 20% down plus closing costs on long island. 350k house would be close to 90k -100k to close with 20% down. Any other options that you know of or advice to a newbie trying to build a portfolio?