NEW WAUKESHA INVESTOR - LOOKING FOR KNOWLEDGE & RESOURCES
Hi all! I bought my first duplex in Waukesha just about a year ago now - utilized the owner occupancy strategy to obtain a low down payment option for loan. I'm now beginning my search for my next property (either completely investment or owner occupancy again). The problem I run into is the out-of-pocket cash to close/down payment. I don't have the 25% down payment that is typically required for the investment-only property purchase. Any financing ideas or finagling ideas for this situation? Thank you!!!
You could rent out the duplex you bought last year & then just obtain another owner occupant FHA/ Conventional loan for the new property you are looking to purchase. Obviously you'd have to live in it for at least a year but it's an option to avoid the high down payment.
I'd also call local credit unions to get down to 20% instead of 25%. In my personal experience, I've received the best financing deals going through a smaller credit union rather than a big corporate company.
You could also bring on a partner to fund a portion of the down payment or you could also look into seller financing. There's definitely options, you just need to see which road is best for you!
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