Rental Property Investor · Chicago, IL · Member since 2020 · 7 posts · 0 votes
I found a great deal in my area to purchase a 3-flat unit. The property is currently fully-occupied with long term tenants. I ran the numbers and if purchased the property I could instantly obtain roughly $1,000 in immediate mthly cash flow.
I’m wondering if there is a way I can purchase this property creatively, potentially with little to no money down.
Is this unrealistic or is it possible to do? Open to suggestions.
Real Estate Agent · Oakland, CA · Member since 2019 · 37 posts · 40 votes
6y
@Shakira Patterson There are plenty of ways to creatively finance a property, although many of the low down payment options such as FHA 3.5% of 5% conventional are owner-occupant loans. This means you would need a vacant unit and live in the property for the first year. If the property is fully occupied and you can't get a vacant unit you will need traditional 20% or more down to purchase, may want to ask around if anyone would want to partner with you.