All Forum Posts by: Dale Miller

If you don't have a friend or family member to lend you the money to buy and fix the house, then an option for you is a hard money loan. They will finance the house and the repair as long as you purchased it at the right "low" price. There are many hard money threads to read and on youtube. Nice thing about hard money is that the exit loan is considered a refi and no down payment is required in most cases. Good luck

@Mike Mendez Thank you for your honest reply. I am new to this and just hesitant to make wrong decisions. Do you know anyone who used hard money loans? Looking for rental in buffalo ny area less than 150k 2-4 unit. There are going to be a lot of foreclosures soon with unemployment claims breaking records here also.

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Originally posted by @Mike Mendez:

Hello Dale

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Hello Everyone!

Was recently told that I need to make a 20-25% down payment on a rental property. Told them I was interested in making 3-5% down so I can have funds to make repairs.I asked about FHA. They said FHA isnt available unless you live in the property for one year. Told them not going to live in it just fix and rent out. How am I supposed to invest in my first rental if I have to drop 25% of my savings on just the down payment? (Probably 40k). Don't feel comfortable risking what took me over 5 years to accumulate

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All Forum Posts by: Dale Miller

Dale Miller has started 29 posts and replied 163 times.

Post: Talked to Rocket Mortgage recently........

Post: Talked to Rocket Mortgage recently........

Post: Talked to Rocket Mortgage recently........