All Forum Posts by: Colby Burt

@Ryan Rice If you are at liberty to say, I know the program was $35,000 entry fee, then what? You front the down payment for the home and finance the rest through a conventional loan?

@Ryan Rice That’s great! The $35,000 up front fee and then me having to buy each property was too much for me at the time. 

@Raymond J. Rodrigues And I can do so (assuming I find the right lender) despite not owning any other property? I recently sold my primary. 

@Katherine Blazer Thank you. What is the specific name of that loan you are alluding to?

@Chris Mason ahhh, you cannot post links here so it was deleted. Didn’t know that. It was a link to a video from The Robinsons with a broker speaking about 10% str loans if you intend to reside at the property for two weeks out of the year, and can do it for up to 10 residential properties. 

Hey @Chris Mason 

Here is what I viewed that gave me the idea. I woukd intend to stay at the home for 14 days throughout the year, but not more that. That may help with your analysis. 

 @Erik Estrada Hey Erik, no, I own zero. Trying to get my first as inexpensively as possible w/o having to reside there for any extended period of time. 

Hi,

I am having trouble finding the answer to my question of what is the option for a loan with the cheapest down payment on a property I wish to keep as a rental, that I personally will never live in? 

I see down payments of 15%. 20%. 25%. But then I read you can do 10% down with a certain Fannie Mae program even if I never intend to reside in the property. 

Any guidance would be much appreciated. 

Build your buyer's list by joining FBook groups and messaging every person who posts about buying a home, ask each person their buy box criteria along with their email address, and input the information in a spreadsheet.  Do that over and over, as often as you can, to build a massive buyer's list.  As you get a property under contract to wholesale, you can send mass emails marketing your property to see if a buyer is interested.