Private Lending & Conventional Mortgage Advice
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated about 10 years ago,
Looking for a Duplex loan, can anyone help?
I am on contract to buy a legal 2 unit house(duplex) in the city of LA under rent control
The monthly income on the property is 2700, and tenants pay all utilitiesSale price is 415k
I am looking for a 25% down payment loan (or best that can be done)
Open to different type of loans (ARM/fixed)
The problem I have had with one lender so far is the source of the downpayment/reserves
75 will come from my saving accounts
The other 50k came from selling of a piece of land I owned free and clear to my dad
Since it is my dad, we did not notarize, or record the sale.
My dad already transferred the money to my checking account a couple of weeks ago.
Can anyone help me?