Hello im new to real estate investing and im looking into buying a rental property for $120,000. A 4 bedroom, 3 bath single family house. Most banks ive checked out want 10% for investment properties, which would equal $12,000. Im looking for ways to come up with this downpayment without dipping into my savings, can someon e please give me some advice? Thanks
You may want to try a piggy-back loan. In essence you finance the down payment as well. Although the interest on the second loan is usually higher. Just an idea. I know someone who did that with a home loan and it worked out quite well for them.
NOO financing has different rules. You may want to try an FHA loan in some areas they are now offered for NOO properties.