Updated almost 7 years ago on . Most recent reply
First investment property
I plan to invest in multi family home in New Jersey. Initially my plan was to house hack buy a home rent out one unit live in another that way I could use my FHA loan and my real estate broker found a grant called DPA that would provide the down payment of 10,000. I have been saving prior to being pre approved now I can afford the down payment. I'm considering to just purchase a property and not live in it and rent out both units. If I don't live in the home I purchase I can't use the grant or FHA loan. My question is are there other loans to help me? Will I even be able to purchase a home with just a down payment of 10,000? What obstacles might I run into?
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- Real Estate Broker
- Cody, WY
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If you are buying it solely as an investment, lenders will want 20% down. If you intend to occupy, you can buy with as little as 3-5% down.
You could find a private lender that may be more flexible. You could look for a property with owner financing. Find a partner to help finance the deal. Buy in another area that is cheaper.
- Nathan Gesner
