All Forum Posts by: Adam Daily

@Jason Andler,

I did try a couple of private lenders and that didn't go anywhere. I also called multiple local banks, all of which wanted the same down payment with higher rates & closing costs. Some banks actually wont even finance any investment property. Saving 5-10% could lower out of pocket expenses $10-20,000. I was hoping my current deal isn't the best financing available out there, but I wanted to hear what others are experiencing and what lenders they may be using.  

I appreciate all the responses. To answer some of the questions, I cant live in it because its out of state. Im actually not sure about the HELOC, I do have some equity but have lived in my current residence for less than a year. The current rents are low which makes it an attractive investment, its the cash down out of pocket that hurts the deal.

Is 25% down the new standard on rental property? Im looking to buy a duplex in Ohio since prices here are so high. Its a duplex so I can't call it a second home. Every lender I've talked to has the same 25% down requirement for investment property. It used to be 20%, if not lower. The high closing costs really impacts the cash on cash return. It could take a decade to get  my $$ back out of the deal. 

Is this what other investors are experiencing? How would you proceed? Is 25% down the standard everywhere?