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Updated over 4 years ago,

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2
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1
Votes
Alexis Nieves
1
Votes |
2
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Questions in regards to financing

Alexis Nieves
Posted

Hello, 

My name is Alex and I'm new to the real estate game. I am learning as I go and researching a lot. This is my situation. I Inherited a large lump sum of money, My plan is to purchase Rental property's out of state, Generally I was looking to put down 20-30% down on each house. Currently I am residing in California, a little bit north of LA. Now I am a veteran and This property would be for me to live in until I graduate school and I'll turn it into a rental property afterwards. Ever since I got out of the military ( OCT 2018) I haven't worked due to me receiving the GIBILL, it doesn't count as income but I managed with what I got. I wouldn't qualify for a VA LOAN, due to me being unemployed. The real question is, does anyone know who or where I can go that would be willing to finance the rest of the property. I've heard of a mortgage broker that would require me to put down 35% of the house ($105,000) ( 300,000) asking price of the house. Is there any where else I can look for a smaller down payment .

Thank you for your time and responses

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