I Just put in my first 3 offers out of state. I have a down payment question.

[Paul Samia]

Hello everyone.

So this is whats happening, I have been looking into investing in AZ and I just put in three offers on three different properties, all 4plex and will the loan I got a will be making an income monthly from them...

 Im a little bit worried because I don't want to be house poor if any of  my offers are accepted.

My questions to you is, how can I get my down payment with out using my own money on top of the mortgage I'm already approved for? 

I was thinking of taking a 2nd loan just for the down payment, but the banks don't want to do that for me.. Any ideas? I would like to buy all 3 of the properties if I can find a good way to get more for my down payment..  any thoughts? I know there is a way to do this and I will find it! 

Also, any thoughts on AZ and the rental markets?

THANK YOU!!!! 

Paul Samia

[Aristotle Kumpis]

Paul, make sure you do not over leverage yourself. You also need to have personal reserves for each property in case of vacancies and maintenance. And with 12-units, you will have maintenance. If you are using conventional financing, there is no way to get around putting less than 25% down. You would want to look at some creative financing. Can the seller carry back a 2nd? 

I don't mean to sound arrogant, but why didn't you figure out the down payment before you submitted offers?