Funding for 1st Rental Property

[Abram Howard]

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!

[Steve Peterson]

I just went through the same thing and ended up with having to put 25% down.  Good luck to you and hopefully you find something better than myself.

[Matthew Rogers]

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!

[Colt Savage]

Send me a personal message with some details and numbers if you don't mind. I'm just North of you in Tacoma. Is the duplex located in Olympia?

[Joel Cummings]

Is the property on the MLS or off market? What, if anything, do you have to put down? Do you have stable w2 income that a bank would like? Do you have a good credit score? What are you bringing to the table that would give someone a reason to partner with you?

[Prasad J.]

If there is enough equity in the deal, you could buy it with Hard Money / Private Money with no Money down and then refinance into traditional lender. This is assuming you can qualify for a traditional loan in terms of income, DTI, etc. Good luck!

[Adrian Chu]

Owner occupy one unit and do a FHA loan at 3.5 percent down payment. Let's chat.