These days, investor loans almost always require at least 20% down.
The VA has a vendee financing program that usually requires no more than 10% down if you are buying a foreclosure from the VA.
Suggest you search the VA foreclosures for a property that would cash flow and then use VA vendee financing to complete the purchase.
BTW, have you run a cash flow analysis for this property? In my experience, even after putting 20% down, getting less than 1,5% of the purchase price in monthly rent is usually a negative cash flow proposition.
Find a mentor if you can. Not an $5000 "system" or "Kit" but someone that works with you.
They make money by hving an extra set set of hands,
[ Edited by KyleG2601 on Date 08/25/2013 ]
use seller carry back.
use 203 (k) loan
use private money
I swore you said you were going to live in 1/2 the duplex while rennovating the other 1/2.
heh, no... thanks, though.
These days, investor loans almost always require at least 20% down.
The VA has a vendee financing program that usually requires no more than 10% down if you are buying a foreclosure from the VA.
Suggest you search the VA foreclosures for a property that would cash flow and then use VA vendee financing to complete the purchase.
BTW, have you run a cash flow analysis for this property? In my experience, even after putting 20% down, getting less than 1,5% of the purchase price in monthly rent is usually a negative cash flow proposition.
ITBInvestor,
Very good answer, makes perfect sense, thank you.
John $Cash$ Locke
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