Low Money Down on a Duplex

[Jalen De Leon]

Hello! I am a newbie investor from the Bay Area, CA who currently has one SFH in Indianapolis that is being rented out. I am trying to get my 2nd rental property some time this year in the same market (open to a different market in the midwest if no deals appear in the Indianapolis market). I know that for an investment property on a small multi-family home you need at least 25% of the purchase price down if you are not going to occupy the property. I was wondering if there is a way to put an even lower amount down without occupying the property? Any specific loans I can use or any other type of financing I can use to put a lower down payment?

[Jason Wray]

Jalen,

There is actually a Portfolio program that will only require 15% down for any investment 2-4 unit multifamily. If you have good to fair credit and can show full doc income you can qualify. DSCR is also available and that is 20% down for 2-4 units and that requires No income just need the rents to qualify.

Indy has been a hot market lately I just closed on a few 2-4 units just outside of the Carmel area and Indianapolis.  The price ranges are great you can still find a duplex for under $200K.