How To Get Creative With Financing On Your First Rental Property

[Kirsten Crotts]

Hi all!

I recently completed my first house hack and am now moving forward with searching for and purchasing a SFH or Duplex that will be a straight rental. Given that I am currently living in my first property, I was able to buy it with about 3% down.

After talking with my lender he let me know that when purchasing an investment I will need at least 20% down - being that I am in Western Washington and it is fairly expensive here, a typical down payment at 20% is going to be upwards of $80k+ (currently have $20k saved up). Are there any ways to get creative with financing that you have used or recommend that could be an alternative to waiting around until that $60k+ extra is saved?

Any advice or perspective would be greatly appreciated.

Thank you!