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Updated almost 5 years ago on . Most recent reply

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29
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Arun Dharan
  • Investor
  • Philadelphia, PA
27
Votes |
29
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10% down for investment property

Arun Dharan
  • Investor
  • Philadelphia, PA
Posted

I am relocating from San Francisco to Philadelphia for work and looking at a duplex or triplex to invest in. The goal is to live in 1 side and rent out other 2 and not worry about the mortgage. My concern is I only have 10-15% down for a down payment and the real estate agent I was working with said It’s a lot harder to buy anything unless 20% down. I have excellent credit and make great income so wanted to get others opinions on if this is possible? Or should I rent and save up more to do 20%? Appreciate any advice/ insight on this

Most Popular Reply

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31
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25
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Fernando M.
  • Investor
  • Temple, TX
25
Votes |
31
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Fernando M.
  • Investor
  • Temple, TX
Replied

You should really shop around for a good loan. I know a FHA loan can be used to acquire a duplex/triplex but they have some requirements I think its as little as 3.5% down. With owner occupied.

You could also do this with a conventional loan but with the local bank I used they dont allow the seller to pay closing cost, cannot be roled into the mortgage and also 10% down for a duplex owner occupied. So different rules depending on the bank. 

Ultimately I would shop around for a good loan, and leverage the property as much as possible. 

  • Fernando M.
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