I am curious about knowing options for buying Turnkey rental properties without putting 20% down.
Great credit history and stable income job. It just gets difficult to raise 20% every time as B+ and better neighborhoods are at least $80K and north.
If any lenders out there have any investor friendly programs I'm all ears.
Happy holidays !!
I think you're chasing a unicorn there. I've not heard of an investment property product that allows less than 20% down. That said, I'm not a loan expert, but I'm sure one will be along shortly!
With turnkey you are limited because there is no way for you to add value. If you were to buy something and force equity (renovate it) you might end up with 20% equity after renovation/appraisal. Then you could cash-out refinance. It is a tougher strategy, but not impossible.
There are a number of other creative ways, but if you are convinced turnkey is for you then you are more limited on your options.
If all it took was someone wanting a property and filling out forms, we'd be back in 2008+
Well, 2008 was little different in the way that individuals were buying properties that they shouldn't have been and getting into ARMs without quite understanding the implications.
Here I am just saying that I don't have 20% saved up. So is there something similar to FHA loan for investments where I can pay say 8-10% and a PMI.
Yeah, unfortunately I don't know of any options there either unless you bring in an investment partner.