Rental Property Investor · Daytona Beach, FL · Member since 2014 · 5 posts · 2 votes
Does anyone know if it is feasible to still get financing putting 5% down? I'm just looking at options to start with as little money as possible. Thanks!
@Leon Keeling If you are buying an owner occupy, then you can get in with 5% down or less. If this occupy home needs a rehab, there is also a rehab loan+mortgage option.
If you own a primary single family, but willing to rent out - you can still buy a new owner occupy multifamily with 5% given that you are willing to wait one year.
If you are purely buying non-owner occupy, the requirement is solidly 20-25% as mentioned by @Jimmy S. , unless you can find seller finance.
Vote for me if you like the answer - click vote on the top right side.
@Leon Keeling If you are buying an owner occupy, then you can get in with 5% down or less. If this occupy home needs a rehab, there is also a rehab loan+mortgage option.
If you own a primary single family, but willing to rent out - you can still buy a new owner occupy multifamily with 5% given that you are willing to wait one year.
If you are purely buying non-owner occupy, the requirement is solidly 20-25% as mentioned by @Jimmy S. , unless you can find seller finance.
Vote for me if you like the answer - click vote on the top right side.
@Leon Keeling another approach is to find a seller who owns the property free-and-clear so that you could do owner financing. With owner financing you can make up whatever terms you want.
@Leon Keeling another approach is to find a seller who owns the property free-and-clear so that you could do owner financing. With owner financing you can make up whatever terms you want.
Over 1/3 of residential houses are free and clear.
I get a list from a broker, and ask them to turn their house into an annuity stream instead of cash.
Own a note with security instead of tenants and toilets.
Your local banks and local credit unions will be the ones who can help you out the most. They typically are more willing to work with people than the bigger chains, and have more leeway in their structuring.
You can also sit down with the head mortgage officer from an institution, versus someone who can only follow the numbers in the book.