No money down - wanting to get started ASAP!

[Trey Hedrick]

I am new to the world of real estate investing and have many questions. A major snag in moving forward that I’ve experienced is not having the money for a 20% down payment for a traditional bank loan. I am wondering what strategies I can employ to get a loan for a rental property I am looking at. The property is in a college town and has 4 bedrooms. Which I plan to rent out for 600 per room. I have a detailed plan of what I want to do with the property, but am having a hard time figuring out how to get the loan. I am unsure of a hard money loan for a rental because the property doesn’t need much updating. If anyone has any suggestions on where to get started and how to come up with a down payment. Or get around a down payment entirely I would appreciate any feedback! Thank you, Trey

[Christopher Phillips]

@Trey Hedrick

Your best best would be to find a partner.

If you are buying the property as an investment, and don't plan to live there, you'll have to put down more than 20%. If you plan to live there, you can get a loan for as little as 3.5% for FHA or 5% for conventional.

Don't forget that you'll also need money for closing costs.