All Forum Posts by: Sathiya Gane

Reach back to your friend with an alternate purchase plan and you need to come up with various option . eg:- All cash 50/60 k ,since you already planning to putdown 45k find the rest of the money via Private lender or from family & friends and close the deal .If your friend is firm on the price perform 1)principal only payment 2.)Interest [Rate under 4.5%]only payment with Balloon at end of 7th year  .Good luck

With unpermitted addition there wont be many buyers .if market purchase rate is 85k and you are gonna pay 90 k for the same with 45k cash down from your own pocket it doesn't make sense to me. you can use that 45k as a 20% down payment for property worth $225 k .unless you are getting it cheap with int rate under 4% and prop value below 80k i might stay away. This is my 2 cent .Good luck

Welcome to Charlotte.  Good luck . 

Utilize FHA loan for first time home buyer which requires you to put only 3.5% as down-payment plus closing cost meaning with your share of 10 k you can buy a property worth under 150 k all by yourself( 5,250 down-payment + 3750 approx towards closing cost ) idle approach is to buy it only on your name for house hacking and to involve partner for other investmentopportunity... hope this helps..

With penfed you may not and as suggested by folks definitely you can find a credit union who does that ..

Yes you can on investment property upto 80% Equity and you should have at max 3 investment homes .plz reach out to penfed if you fit above criteria .

Dear all,

Thanks for educating a newbie like me via your post and response. Learning a lot via discussions .

I am venturing into my First rental property in Greensboro ,North Carolina a student housing.SFR located in a muiltifamily zone potential to convert it into a Duplex.

Sale price : $290k , i am eligible for the loan [W2,Loan to Debt ratio,Credit score etc..]  

Below are couple of my questions ,

1.) Few of the lenders are fine with Downpayment in range 15% & above . Can i partner with someone towards the down payment[20%-58k + closing cost approx : $63k] will the lenders allow that .

When i say partner up i have two options 

a.)Provide equity under 50% and have him in the title

b.)Provide interest on the down payment say 8-12% similar to PML .

Financial Institution are fine with option A my query is more on option B will the financial institution allow that if so can you plz share any contact of such Institution appreciate the input.

Instead of tying up my own cash towards this SFR ,it will help me to buy more that is the intention of this question.

Appreciate your time in reading this and responding to it

Rgds,
Sathiya

Hi Liam ,

I am on a similar situation can you please elaborate on how it panned out for you.

Rgds,
Sathiya

I am on the same boat with my first investment property. Appreciate if anyone can answer to above question.