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Updated almost 6 years ago,
How to go about funding?
My brother and I are looking for our first REI. We are looking for a single family home in the Cedar Rapids Area in the $100,000 - $130,000 range.
We are both recent college grads with stable jobs and we live in a condo together currently. It is a little too late to house hack at this point, so we have decided to go with single family.
We probably could put down around $10,000 for a down payment, but not much more. We have good credit scores and pay extra on our current 15 year mortgage for our condo.
How should we go about a loan or funding for our first investment? I’m assuming we would probably be in the 5% - 10% for a down payment. Is there anyway a bank would take that on? Or is private funding the way to go?
Any advice is welcome.
Thank you.