Down Payment To Buy A Rehab.
Will all loans for flips or rental properties require a 20% down payment? What would be the best type loan for a 3 month flip project?
Will all loans for flips or rental properties require a 20% down payment? What would be the best type loan for a 3 month flip project?
What exactly do you mean by a 2nd home? Do you mean a his 2nd flip, or that he also owns a home and resides in it. And what difference would it make?
you can get financing for a 2nd home/vacation home the same as your primary residence.
find a local bank that will give you a rehab loan. most will loan you a percent of the upon completion value of the property. Probably a 1 year interest only loan.
Thanks for the info. I will be learning new things for a while and will probably be a frequent question abuser for a short time. I will be needing advise from some experienced people. Thanks again
I would suggest that you take a week and read the last year or so of posts in these forums. Not only will it be one of the best RE educations you could possibly get, but it will save you the pain of wondering why no one bothers to answer the same old question once again. Everyone here is very nice and wants to be helpful, but only has so much time.
Chris