Investor · Comstock Park, MI · Member since 2015 · 50 posts · 14 votes
I have a SF rental that I want to sell and 1031 into a duplex. Couple of the local banks and CU that I've worked with in the past all say 25%. Wondering if I can find a bank that's able to do 20% so I can look for a higher end duplex rather than spending more money to get into a less expensive one.
Rental Property Investor · Springfield, MO · Member since 2019 · 462 posts · 365 votes
6y
You haven't talked to enough local banks then. Our local bank actually does 10% down on the purchase price and finances 100% of the renovation cost as long as total debt on the property is 80% of the renovated value of the home.
It took some hard work to find the bank that offers the best deals but they are out there and worth it!
Rental Property Investor · Greenwich, CT · Member since 2015 · 4k+ posts · 2k+ votes
6y
Sure, @Sean N. Plenty of banks and CUs will do 20% down on an investment property. Start the leg work of calling each one to see what kind of products they have.
Rental Property Investor · St.Louis MO · Member since 2014 · 33 posts · 16 votes
6y
Agree I've done 20% down as investment property on SFR and Duplex after having to start with the 25% down. I'm assuming you've already tried Flagstar, Chase PNC, Michigan First. I had a friend in that area couple years ago that didn't go into detail but said he had gotten some good deals.
Investor · Comstock Park, MI · Member since 2015 · 50 posts · 14 votes
6y
Thank you everyone for some input. I made a list of all the CUs in my area and I'll be making some phone calls. I have a SF I want to sell and 1031 into a duplex. I have 2 other duplexes and for some reason I have less problems with them than the SF. So, I want to zero in on a niche (1" wide - mile deep) and just focus on duplexes.