First time Rental Property investors Looking for advice!

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First time Rental Property investors Looking for advice!

Dario Martinez
Member since 2021 · 2 posts · 3 votes

Hi there! My name's Dario and I'm from Tacoma WA, My two partners and I are interested in investing a in a rental property and we were looking for tips on how to lower closing costs to help us get started on our first of hopefully many rentals. Does anyone have experience when it comes to tacking some of the closing costs on to the mortgage and then renting that property? Still very knew to real estate so anything helps thank you so much!

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Sherief Elbassuoni
Realtor · Bellevue, WA · Member since 2019 · 882 posts · 1k+ votes
5y

@Dario Martinez, Key bank has a financing program with 0% down and you only cover closing cost. You just need to be qualified based on your income and you may be a little limited for the locations.

You can also apply for a downpayment assistance program from WSHFC

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  • Bjorn AhlbladPro Member
    Investor · Shelton, WA · Member since 2017 · 6k+ posts · 6k+ votes
    5y

    @Dario Martinez welcome to BP. I don't know if you are looking to invest OS or local. Study up on 'seller carry'. Join Wa LL Association so when we start being able to network you will be ready. Membership is very reasonable and it is a great format. You will learn a lot. Hang out here, read threads and ask questions. This is perhaps the tightest market we have seen in a long time. Watch yourself out there; don't jump in unprepared.  All the best!

    1Reply
  • Sherief Elbassuoni
    Realtor · Bellevue, WA · Member since 2019 · 882 posts · 1k+ votes
    5y

    @Dario Martinez, Key bank has a financing program with 0% down and you only cover closing cost. You just need to be qualified based on your income and you may be a little limited for the locations.

    You can also apply for a downpayment assistance program from WSHFC

    3Reply
  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    5y

    Have you considered a multi-family house hack? If you buy a four-plex and occupy one of the units, it will qualify for some great programs with low downpayments.

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    0Reply
  • Jake DeAtley
    Realtor · Olympia, WA · Member since 2017 · 155 posts · 57 votes
    5y

    @Dario Martinez, ultimately sellers are looking at their net at the end of the day, so if you are willing to offer $7k more and ask for a $7k credit toward closing costs, as long as it appraises, you can essentially finance the closing costs into the loan. Of course, its very competitive, so its difficult to find cashflow in Pierce County. 

    1Reply
  • Dario Martinez
    OP
    Member since 2021 · 2 posts · 3 votes
    3y

    @Jake DeAtley this is the approach that we ended up taking thanks for the advice! 

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