Updated over 8 years ago on . Most recent reply
30% down. For financing
I am fairly new to buying investment property. I own a successful business other than real estate. In addition to two buildings I own that I rent to my business, I have some development land that I am in the process of selling at a hefty gain. I also just built a few storage units. I just launched into residential. I bought a condo in an older building and immediately got it rented for $350 cash flow after all expenses. Only paid 58k. Now I'm ready to go to closing on another in the same building with similar numbers. I have always only had to put down 20%. On this one the bank wanted 30% because I crossed over 750k in loans. Is that typical? I never have issue qualifying. My credit score is 815 and I have six figures in emergency savings. I'm just curious what others have experienced with the "30% rule".