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  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    3y

    @Dayanis Acosta

    How much do you have for down payment ?

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  • Dayanis Acosta
    OP
    Investor · Tallahassee, FL · Member since 2022 · 15 posts · 3 votes
    3y

    Looking to do 10%, as little out of pocket as possible. 

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  • Fernando Corona
    Lender · CA - FL - GA · Member since 2022 · 33 posts · 18 votes
    3y

    @Dayanis Acosta, a few different ways you could buy. as little as 3.5%-5% if you're buying owner occupied and could rent out the rooms or maybe its a multi-family and you live in 1 unit while renting the others. or you could do a 10% down second home loan, where you just need to live in the property 14days of the year (as a rule to the second home loan product). for true investment property, you usually need 15-25% down depending on the strategy of how you're going to finance it and how you're going to qualify. If you put your W2s or consistent income, then you could do 15-20% down with lower interest rates than if you went with a bank statement loan or DSCR loan. I'm available to help as well in FL if you need it. let me know.

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  • Dayanis Acosta
    OP
    Investor · Tallahassee, FL · Member since 2022 · 15 posts · 3 votes
    3y

    thanks for your reply! So this is a home with a separate studio that appears to be zoned as a multi family home, which appears to significantly limit my options from what I’m hearing. 

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  • Fernando Corona
    Lender · CA - FL - GA · Member since 2022 · 33 posts · 18 votes
    3y
    Quote from @Dayanis Acosta:

    thanks for your reply! So this is a home with a separate studio that appears to be zoned as a multi family home, which appears to significantly limit my options from what I’m hearing. 

    Are you buying it with renters in place? In both the home and the studio? If it’s cash flowing with renters in place, you can use 75% of the rents to help you qualify for the home so your monthly income would basically go up to help you have a lower debt to income ratio. Can you share a bit more as to what you heard from others? As to what the concern is?
    0Reply
  • Dayanis Acosta
    OP
    Investor · Tallahassee, FL · Member since 2022 · 15 posts · 3 votes
    3y

    That makes sense. The issue isn’t so much qualifying as it is the fact that I don’t want to pay more than 10% down. It doesn’t look like it’s possible. 

    1Reply
  • Stephanie P.Pro Member
    Washington, DC Mortgage Lender/Broker · Member since 2016 · 4k+ posts · 2k+ votes
    3y
    Quote from @Dayanis Acosta:

    That makes sense. The issue isn’t so much qualifying as it is the fact that I don’t want to pay more than 10% down. It doesn’t look like it’s possible. 


     If the seller will hold a 2nd mortgage, 10% down is available.  The rate is not pretty, but the lender will pay the first 75% of the purchase price, a 2nd mortgage is held by the seller for the next 15% and then you pay 10%.  If the seller is up for that, reach out for more information.

    Stephanie

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  • Dayanis Acosta
    OP
    Investor · Tallahassee, FL · Member since 2022 · 15 posts · 3 votes
    3y

    Interesting. Hadn’t heard of this strategy. Thanks for the tip!

    0Reply
  • Darnell Lockett
    Real Estate Consultant · Miami · Member since 2023 · 165 posts · 62 votes
    3y

    What type of property @Dayanis Acosta? We may have some options available. It's hard to say without getting more info from you. 

    0Reply
  • Edward Tindale
    Lender · St. Petersburg, FL · Member since 2023 · 15 posts · 9 votes
    3y

    Hi @Dayanis Acosta. I would recommend reaching out to @Raymond J. Rodrigues, he's an expert mortgage broker in the Florida area. 

    0Reply
  • Noah BaconPro Member
    Property Manager · Lansdale, PA · Member since 2021 · 826 posts · 1k+ votes
    3y

    Hi Dayanis,

    I recommend checking out Lender Finder, a free and easy way to quickly find and compare investor-friendly lenders who specialize in your unique investment strategy. With Lender Finder you can:

    • Find investor-friendly lenders on your terms
    • Do more deals with a quick search solution
    • Tap into a trusted network with ratings and reviews
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  • Jacob Wilhite
    Lender · Sonoma County, CA · Member since 2021 · 28 posts · 9 votes
    3y

    Hi Dayanis, I work with David Greene's team The One Brokerage. We serve almost every state so please feel free to reach out if you ever have any questions! 

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