Updated almost 9 years ago on . Most recent reply
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How did you buy a multi family with 0% Down?
I know it's been done before- I want to hear how you've done it!
I would ideally love to get a duplex for my first property- however neither the USDA 0% down loan nor the Washington state first time home buyer 0% down program allow for any income producing element.
So I'm back at FHA at 3.5% which...which most places isn't a great deal...but a duplex where I live is going to fall around the $300k+ range. So I can save/put down 3.5%...but I'd rather put that into renovations.
My current options for 0% down seem to be :
- SFH that has an option to be converted to have a MIL or something of the sort
- Negotiate a seller financing deal
Who has other ideas? How have you made this work?
Most Popular Reply
We have done it 3-4 times now. The last one was this summer. Details are here...
We used 25% down-payment (18k) funded from equity in one of our long term live in flips. (HELOC)
We purchased the duplex for 72k and got a 54k conventional 30 year fixed.
This summer we sold our flip and we made 45k AFTER paying off the HELOC.
No money down. Duplex rents for $1200 a month. PITI of $405 a month self manage for a profit of $600 a month. Great investment. CMA came back on it for 115k.
MLS foreclosure deal.