Seller assist for investment properties?

[Sophie Mia]

Hi everyone,

I am currently looking to buy my first investment property. The property which I'm looking at is a duplex and I have just enough to pay 25% down payment. However, it seems like there will be about $10k in associated closing costs (tax escrow etc).

I'm not sure how I will come up with the closing costs. I heard that seller assist is capped at 2% for investment properties. Is there any other way to have the seller assist me with closing costs/down payment?

Owner occupancy is currently not an option for me, so I will definitely have to go with an investor mortgage...

Any other suggestions on funding the closing costs?

Thank you!

[Brett Russell]

Hi Sophie, another thing you need to consider is that you should budget for some sort of reserves so if there is an unexpected expense or prolonged vacancy that you are still able to make your payments.