Newbie Investor in NY

5 Replies

ive been looking at a tri plex just got the #s and its cash flow positive of 15k but now im running into the problem of FHA B/C as of now i dont have the 20% to put down any info would be helpfull thank you mike

I know NY is competitive but any chance you could do any creative financing options? FHA is pretty strict on the down payment beings yours when it comes to loans. Some one else can speak on if theirs alternatives or ways around it.

Hey @Mike Dolan , if you're not planning on moving into the property the bank shouldn't have let you do an FHA loan anyways (Although there are ways around that).

If you are planning on moving into the property then you should be fine to put the 3.5% down unless the bank flags any issues (ie. chipping paint, loose railings). However, if the bank is flagging something like that or anything else, you should have the right to complete those repairs on your own or hire someone to do it to keep moving forward.