Updated about 9 years ago on . Most recent reply
Just how far can good credit get you?
Hi Everyone! I am in the market to purchase my first duplex/ multifamily and use it as a buy/hold investment. I plan to rent out all units and not live in myself. I have looked into loans with a local credit union I am apart of, and I just have so many questions. I was hoping to get some of them answered by the incredibly knowledgable RE investors on BP. Here's the hard part of this endeavor. have no money to put down on this potential property. I've researched hard into wholesaling, and I really didn't want to have to get involved in it to build a down payment, but I will if I have to. I do, however have great credit, 750+. How far will that get me if I wanted to finance through a credit union, or local bank? I have a full time job and would be able to afford any hiccups that came with owning rental units. A/C units going out, fences falling over, unexpected expenses like that. but I don't actually have enough for a down payment on a property. I have read that most lenders require at least a 20% down payment. Is there such a way that I could get in touch with a private lender for the DP, and then finance the loan with a credit union? I guess my actual question is, What would be the best way that I could get financing for a property to create a good cash flow and finally get myself in the door of this real estate business? I might be totally off on my thought process, but I'm hoping to learn from this and grow my entrepreneurial mindset. Any help would be so appreciated.
Thanks all!
Most Popular Reply
You could possibly BRRRR it (Buy, Rehab, Rent, Refinance, Repeat) with a Hard Money Lender if the property is a good deal. They usually loan up to 70% of the ARV.