Anyone know of any good lenders who will finance rental properties at less than 20% down?
I've used Ally Homes for 2 refinances @ 3.25% and 3.5% APR. I'm in the middle of buying another one, but I'm putting 20% down (it makes me feel a little safer).
Another option if possible, get some private money for the some of that 20%. Or possibly look into buying a house hack that you live in and rent other rooms or units. It could be a great way to reduce living expenses to near $0.
Were they requiring the 20%?
Hello Terrance! It is possible to have less than 20% down with a hard money lender. If it is a good deal you can get 100% on the sale price, 100% of the repair cost, and 100% of the closing costs. call me at 469=778-8925 and I will explain more. Thanks for your membership and question. If it is not great you can borrow 90% as long as its ARV value is behind the ARV x 65%. Good luck to you!
@Terrance Hutchins , I believe they'd go down to 15%, but don't quote me on that. I know for multifamily, they were requiring 20%. I just do 20% down as it's a part of my own personal investment philosophy.