Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Real Estate Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 5 years ago, 08/22/2019

User Stats

32
Posts
7
Votes
Jeffrey Townsend
  • Charleston, SC
7
Votes |
32
Posts

Gift money for investment property downpayment

Jeffrey Townsend
  • Charleston, SC
Posted

Is it true that you cannot use gift money as a downpayment on an investment property? I am being told by my lender that underwriting requires money in your account for 60 days. Is there anyway around this?

User Stats

359
Posts
157
Votes
Josh Bakhshi
  • Real Estate Agent
  • Atlanta, GA
157
Votes |
359
Posts
Josh Bakhshi
  • Real Estate Agent
  • Atlanta, GA
Replied

Not really, banks are funny that way.  Unless you can prove it was your money for 60 days.

User Stats

209
Posts
159
Votes
Courtney Jones
  • Rental Property Investor
  • Dayton, OH
159
Votes |
209
Posts
Courtney Jones
  • Rental Property Investor
  • Dayton, OH
Replied

I was told by my lender,you can use gift money for a owner occupied purchase but not for an investment property. 

BiggerPockets logo
Join Our Private Community for Passive Investors
|
BiggerPockets
Get first-hand insights and real sponsor reviews from other investors

User Stats

4
Posts
0
Votes
Nielsen Manalad
  • Fontana, CA
0
Votes |
4
Posts
Nielsen Manalad
  • Fontana, CA
Replied

Just a thought. Could the gifting person be a cosigner instead, then that may pass to the lender as a partner.

User Stats

31
Posts
14
Votes
Eric Nelson
  • Bemidji, MN
14
Votes |
31
Posts
Eric Nelson
  • Bemidji, MN
Replied

Find a bank that will.  I was gifted equity and they accepted it for the down payment.

User Stats

58
Posts
39
Votes
Laura Cardenas
Pro Member
  • Rental Property Investor
  • Rochester, NH
39
Votes |
58
Posts
Laura Cardenas
Pro Member
  • Rental Property Investor
  • Rochester, NH
Replied

@Jeffrey Townsend

My lender had told me the same exact thing.

  • Laura Cardenas
  • User Stats

    74
    Posts
    67
    Votes
    Wren Martin
    • Flipper/Rehabber
    • Chandler, AZ
    67
    Votes |
    74
    Posts
    Wren Martin
    • Flipper/Rehabber
    • Chandler, AZ
    Replied

    @Jeffrey Townsend use a non-bank lender that understands real estate investing.  You will not have the seasoning requirement of your DP like you do with a traditional bank loan.

    User Stats

    32
    Posts
    7
    Votes
    Jeffrey Townsend
    • Charleston, SC
    7
    Votes |
    32
    Posts
    Jeffrey Townsend
    • Charleston, SC
    Replied

    Thanks for the feedback. I have tried several lenders and they all say the same thing, even smaller ones. I do not want the person to be on the loan either. I could try and set closing for 75 days out but this would not be an attractive offer to the seller. Trying to find a way around it.