Funding my First Rental Property

[Paul Charles Bayliss]

Hey BP!

I’m looking at buying my first rental property. Currently I am looking at a Triplex in TN that will come to market at approximately $199K.

I am leaning towards going with a conventional mortgage however I don’t have the normally required 20% down payment. I’ve thought about utilizing a hard money loan or possibly a personal bank loan to reach the required 20%. I am also actively looking at finding some private money to reach the 20%.

Any other suggestions on routes I could take to do this? Any input would be appreciated!

-Paul

[Andy Webb]

@Paul Charles Bayliss - McAllen and "The Valley" are on fire - why not buy locally?  Sorry, does not answer your question, but I would shop your area first.  

To your question:  you are going to want some reserves on hand - if you don't have the funds for the down payment, then you don't have the reserves...I would not take that property on.