Originally posted by Peter J:
Is it typical to have to put at least 10% down to purchase a property to rent? If so is there any other way to buy with nothing down? I'll be buying my first property so I don't have refi options or second lien options either. I have access to a line of credit to pull the 10% but don't want to because that payment is so high it will make the property very hard to cash flow. I also have a partner that I can use that can provide the money down but ideally want to do this solo and not worry about a partner. I'm sure there are people out there that will lend me the money as a private note rec. and if this is the only option to get 100% financing how do I go about finding these people and is there more risk in using a private party loan?
Although I have not been successful in finding one, many investors here suggest using local community banks (portfolio lenders), who typically lend based on ltv of appraised value.
How is it possible to acquire 10-20-30 properties in a relatively short period of time, when you have to put 10% + down (that's not a rhetorical question, I'm really asking)?
Right now this issue is my biggest hurdle -even bigger than finding deals.
