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Updated 3 months ago on . Most recent reply
How to turn an owner finance deal into a 30 year rental loan without 20 percent down?
Say I can get an owner finance on a 99k house for 5 years with a balloon payment. $2500 down.
Then rent it out. Investment only.
How does one take the owner finance situation to a bank and turn it into a 30 year loan to hold without an additional down payment of 20 percent ? We are not flipping the house are are just trying to acquire it.
What type of loan and lender would allow that ? I know someone who does this but they won’t give up the secret.
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Quote from @Christopher Robert Noland:
Say I can get an owner finance on a 99k house for 5 years with a balloon payment. $2500 down.
Then rent it out. Investment only.
How does one take the owner finance situation to a bank and turn it into a 30 year loan to hold without an additional down payment of 20 percent ? We are not flipping the house are are just trying to acquire it.
What type of loan and lender would allow that ? I know someone who does this but they won’t give up the secret.
You would do a bank refi around the time your 5yr balloon is due.