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Updated over 3 years ago on . Most recent reply
How is anyone buying investment properties right now?
I recently have had the chance to buy a dream property of mine as an investment opportunity. This is a house I lived in while in college and I have had my eye on it every since. The owner recently reached out to me wanting to sell and I really want to buy. I have gotten the insurance quote but when I went to banks to begin the mortgage process I was shocked to find out that Down Payments for investment properties must be 20%-25% and most are on a 20-year loan. HOW IN THE HELL is anyone buying right now? What can I do here? I recently sold my last investment property because of distance and am eager to get back in it, but now it seems next to impossible. Im very very frustrated to say the least.
Most Popular Reply
Originally posted by @Grant Doyle:
I recently have had the chance to buy a dream property of mine as an investment opportunity. This is a house I lived in while in college and I have had my eye on it every since. The owner recently reached out to me wanting to sell and I really want to buy. I have gotten the insurance quote but when I went to banks to begin the mortgage process I was shocked to find out that Down Payments for investment properties must be 20%-25% and most are on a 20-year loan. HOW IN THE HELL is anyone buying right now? What can I do here? I recently sold my last investment property because of distance and am eager to get back in it, but now it seems next to impossible. Im very very frustrated to say the least.
Buy a duplex with FHA loan only 3% down live in one side and rent the other half
Buy a 3 BR SFH with 3% down live in one BR Rent out the other 2 bedrooms
Buy a SFH fixer upper 3% down FHA live in it while fixing it up sell it
Get a second job save all the money from that job for a year use it for the down payment
Find a fixer upper with owner finance
Go in with a partner. They supply the down payment you do the work