First BRRRR in Charleston
Hi Everyone,
I am planning on taking the step on doing my first BRRRR in the Charleston area. I plan on using a HELOC for the down payment and rehab.
I have a team in the area to do the rehab and a trusted realtor.
I’m wondering how much down payment I should put down on say a 200k house. What are the benefits of putting more than 20% down?
thanks everyone!!!
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#2 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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#2 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Lender
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Hi Frank -
Congrats on taking the first steps! For a $200k property, the minimum down payment will depend on your lender and financing terms. Are you currently working with one?
Typically it’s around 20%, espeically if this is your first one. Also, putting down more than 20% can lower your monthly payments, improve cash flow, and potentially get you better terms.
Happy to connect and best of luck!