Real Estate Buying Question
I am new to real estate but I have currently been reading everything I can get my hands on.
I have found a little lot in my hometown with some potential to be a good rental property.
My question is how do or can you get around paying the 10% down for an investment property?
Being a beginner, I have some capital to put down but I would rather get around the 10%.
My other question is, what does a person have to do in order to rent a property, do i have to go get the city to give me some kind of paperwork etc.
Justin
When buying the property you can ask for 3-6% back from the seller to help with down and closings costs (granted this doesn't put the price over the market value) Depending on your credit you can find 95% or 100% loan programs for investing.
As far as getting it rented out, depends on your county. Some counties make you register the place as a rental, others don't.
GL
Ray;
I agree, I live in New hampshire but had property in Ft. Lauderdale and I had to get a city license when I rented out my condo, something that isn't done up here.
As for the down payment, you can get a good rate if your credit score is good or use the equity in your home or even a credit card ( I wouldnt do that but you can). The most important thing is to do an analysis and see what your cash flow will be, positive or negative. With complete financing, dont expect much back each month, just hope for appreciation. and tax benefits.