Calumet City, IL · Member since 2014 · 312 posts · 49 votes
Hello all. I am currently looking to purchase my second rental property. It is a 2 bed 2 bath condo for $57K The finance company that I got my 4-unit through says they will not do a mortgage below $50K and they would require 20% down since this will be another rental for me and not owner occupied. How can I get around this? Any ideas. Do anyone only do loans for 10% down?
Real Estate Investor · Mesa, AZ · Member since 2014 · 73 posts · 24 votes
11y
Originally posted by @Account Closed:
Jarrett,
Why don't you offer $62.5k for the condo and ask the seller for a $5.5k credit for closing costs and repairs? That should give you a $50k loan with 20% down.
Investor · San Jose, CA · Member since 2012 · 2k+ posts · 3k+ votes
11y
Jarrett,
Why don't you offer $62.5k for the condo and ask the seller for a $5.5k credit for closing costs and repairs? That should give you a $50k loan with 20% down.
Real Estate Investor · Mesa, AZ · Member since 2014 · 73 posts · 24 votes
11y
Originally posted by @Account Closed:
Jarrett,
Why don't you offer $62.5k for the condo and ask the seller for a $5.5k credit for closing costs and repairs? That should give you a $50k loan with 20% down.
Calumet City, IL · Member since 2014 · 312 posts · 49 votes
11y
Originally posted by @Account Closed:
Jarrett,
Why don't you offer $62.5k for the condo and ask the seller for a $5.5k credit for closing costs and repairs? That should give you a $50k loan with 20% down.
That is an idea. Let me run that by a couple of people. Thanks for your input.