Borrowing for first deal

Private Lending & Conventional Mortgage Advice
7yFollow

Borrowing for first deal

James Mulrain
Rochester, NY · Member since 2016 · 2 posts · 0 votes

I am looking for a rental property with a conventional loan. I keep losing out on properties that are being bought at all cash and no inspection. I'm new to investing and am looking for my first rental for owner occupy. Is there a way that I can purchase a rental property with all cash and pay back the cash with a percentage on return by me using a mortgage to pay the lender? I'm trying to be the sole owner without other investors being involved long term. 

0Reply
25 views

3 Replies

Jump to latestLatest
  • Kevin Luttrell
    Lender · Orange County, CA · Member since 2019 · 299 posts · 255 votes
    7y

    @James Mulrain

    "Rental for owner occupy"? Are you purchasing a multi-unit with the intention to live in one and rent out the other(s)? 

    So to clarify, you're asking if you can buy cash and then do a cash out refinance right afterwards right? 

    0Reply
  • James Mulrain
    OP
    Rochester, NY · Member since 2016 · 2 posts · 0 votes
    7y

    Yes, essentially and Ideally iwould be living In one of the units. 

    0Reply
  • Andrew PostellPro Member
    Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
    7y

    @James Mulrain as mentioned above, if you buy with your own cash you can certainly then refinance after.  There's a couple of rules to know about but the essence of this is that it is possible to use your own cash to buy and then refinance after.

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free