Updated almost 9 years ago on . Most recent reply
Funding for 1st Rental Property
Hey BP Community.
Hey I am looking to get my first Rental Property (Duplex). I have ran the numbers through the BP Calculator and it seems to be a great buy as far as purchase price, location, and profitable rent.
How would you go about getting the funding when you don't have the cash to purchase or much to put down on a traditional loan?
I've done some reading but that has only gotten me so far so I am hoping somebody else has been through a similar situation and can assist me.
Thanks!
Most Popular Reply
If possible considering house hacking. Maybe instead of a duplex you look at a 4 plex and live in one of the units.
Also, if you have any friends that are interested in RE but don't currently own a house you could have them purchase a duplex on a FHA loan and put you on the title. Then you could split the down payment with them and only need to bring about 3% each to the table. This could save you a ton of money!