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Updated over 3 years ago on . Most recent reply

User Stats

11
Posts
1
Votes
Rene Martinez
1
Votes |
11
Posts

Cash Home Pay Off, Financing?

Rene Martinez
Posted

Is it possible for me to be unemployed and not have to buy a house outright? Range is the $400k area, but I'd rather not pay it off 100%. I'd rather pay off 50% or less and snag another rental property. Is this possible? I'm in Colorado and would like to but a rental property in Texas. 

Most Popular Reply

User Stats

337
Posts
331
Votes
Ben Rhodin
  • Realtor
  • Denver, CO
331
Votes |
337
Posts
Ben Rhodin
  • Realtor
  • Denver, CO
Replied

Hi @Rene Martinez! The only suggestion I would have is looking into DSCR lenders. I have a few good contacts, one that is based out of Boulder here in Colorado. They will lend on the property's ability to repay the debt instead of your personal ability like traditional lenders. They do come with slightly higher fees, and interest rates (Around 4-5% nowadays) But they are very quick and easy to work with.

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