Are there any banks out there that will let you put only 10% down? Does anyone have any experience doing this? I have a deal on the table that I can't fully fund at 15 or 20%. I appreciate it!
Don't think there is any long term financing at 100%. If you're buying at a deep discount and the property needs rehab you might be able to find someone to lend 100% if you're experienced in buying investments. Otherwise it will be almost impossible, best bet would be to find someone to JV with you.
I thought about that option. Thanks a lot for the feedback.
When dealing with banks, they generally want 20-25% down payment on an investment property. You can do lower if you are owner occupying a 2-4 unit. The reason for higher down payment is due to risk. You can't get mortgage insurance on non owner occupied properties, so they need the down payment.
Your best option may be finding a partner for the deal. Borrowing down payment can be an option, but many loans have stipulations that down payment cannot be borrowed funds.
Finding a partner would likely be the best and easiest way to get the money needed. Banks are going to be harder to deal with getting a different loan than finding someone to JV the deal.