Less than 20% down for an investment property?
Hi - Does anyone know of any bankers who accept less than 20% down on a second home/investment property? There is no way I can come up with $40,000 to purchase each property. Thank you!
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@Jennifer Fernéz, so long as you can come up with it for your FIRST investment property, you should be good to go with the "BRRRR strategy", with NO further deposit EVER needed!
Caveat: with EVERY purchase, you should be looking to be buying a "free" ADDITIONAL 30%+ equity (ie. be all-in for no more than 70% of their appraisal/s), so that each time you refinance, you've got your deposit back again! (If you don't get ALL your deposit back, it should still help).
Yes I know, such discounts are not likely just drop in your lap out of the blue, but, there are multiple threads on the BRRRR topic to help you along the way. Diligence and patience will be your friends.