New Investor Financing Dilemma

[Cody Landry]

My wife and I are looking to purchase our first (intentional) investment property. We are looking to purchase around 6 months from now. In that time frame we can reach about 30k in cash that can be used to fund this. (this is aside form our savings so don't worry about us going all in or anything) 

Ideally, we are looking to do something similar to BRRRR. However, we aren't really comfortable going the private lending route. We have near perfect credit scores and would like to leverage that in the methodology.

The question I have is, when researching I am not seeing a way to put 3-5% down if you are not going to live in the home. Most of the conventional lenders require that. 

Are we stuck in a position where we have to place 20-30% down to purchase the home?

If it is possible to get the 3-5% down loan, should we still wait until we have the 20-30% down? (Essentially, it is better long term?)

We want to buy and hold, so we aren't looking to flip/wholesale anything at the moment.

I would like to add that we currently have two loans on us, but DTI is not an issue.

Any advice anyone can provide would be fantastic! Thank you all!

[Christopher Parsons]

@Cody Landry it depends on where you're looking to do this. My wife and I are waiting to cash out refi our first BRRRR (have to wait until February) and we came across another deal that we really want. We found a hard money lender that will lend us 100% of buying the property and the rehab up to 70% of the ARV. We basically just need 2k for closing costs and about 10k cushion to cover the upfront part of the rehab (the hard money that I have worked with require you to front parts of the rehab, then reimburse you after the work is complete or part of the work). Granted, the property we're getting is a 65k buy and 15k rehab, but the estimated ARV is around 120k. Make sure to do your research on the market you want to attack, then start working on making connections there.