All Forum Posts by: Austin Hughes
Austin Hughes has started 1 posts and replied 4 times.
Post: Need Opinions - Financing Our First Investment Property
- Asheville, NC
- Posts 4
- Votes 1
@Kristen L Garner I have considered seller financing, but I have not taken much action in pursuing that option. We are looking at single family properties and are exploring conventional financing. What lower down payment products do you have in mind?
Post: Need Opinions - Financing Our First Investment Property
- Asheville, NC
- Posts 4
- Votes 1
Quote from @Kyle Spearin:
@Austin Hughes would you ever consider house hacking another property in your area and turning your primary into a rental? This would allow you to put less down. You could also apply for a HELOC on your current primary before you move to have access to that line for future deals.
We are not looking to move currently, and house hacking is not something we are interested in. I am familiar with the that strategy, but it’s not something we want to do at this stage in our lives. We do hope to turn our primary into a rental in the future though.
Post: Asheville Area Meetup
- Asheville, NC
- Posts 4
- Votes 1
I would love to join in on the monthly meetings! My email is [email protected].
Thanks!
Post: Need Opinions - Financing Our First Investment Property
- Asheville, NC
- Posts 4
- Votes 1
My wife and I are looking to purchase our first investment property. We are primarily looking in eastern TN, but have looked in NC and SC as well. However, our current roadblock is that we are a little short on funds for down payment/closing costs for any property.
We have explored doing a HELOC on our primary as we know that we can definitely get $50k from that. But we aren't sure if that is the best option to get additional funds. We could cash out refinance, but that would most likely lock us in to a higher rate on our primary.
With us being new to the game, are there any other financing options that anyone knows about that we possibly could take advantage of?