All Forum Posts by: Ryan Grinstead

Hello fellow investors,

I am in a situation where I have my first duplex that is positive cash flow at $430. I used an FHA loan. I am looking to get my second property but it does not seem like I can get a loan for one at a down payment I can afford. The norm seems to be 15-20% down and on top if that I am told that I will to have 6 months cash reserves for both properties. Which comes out to be about 6,000 or more. This is also not including closing costs.

The current deal that was brought to my attention by my realtor is a Duplex for 55K needs some cosmetics, but I made a curb offer so I could get a walk through. Assuming I have a satisfactory walk through, what are some ways to raise the money or finance it in a more creative way? I have asked family if I could borrow from them, but I could only get about 2K if I had to.

Hello fellow investors,

I am in a situation where I have my first duplex that is positive cash flow at $430. I used an FHA loan. I am looking to get my second property but it does not seem like I can get a loan for one at a down payment I can afford. The norm seems to be 15-20% down and on top if that I am told that I will to have 6 months cash reserves for both properties. Which comes out to be about 6,000 or more. This is also not including closing costs.

The current deal that was brought to my attention by my realtor is a Duplex for 55K needs some cosmetics, but I made a curb offer so I could get a walk through. Assuming I have a satisfactory walk through, what are some ways to raise the money or finance it in a more creative way? I have asked family if I could borrow from them, but I could only get about 2K if I had to.

Hello fellow investors, 

I am in a situation where I have my first duplex that is positive cash flow at $430. I used an FHA loan. I am looking to get my second property but it does not seem like I can get a loan for one at a down payment I can afford. The norm seems to be 15-20% down and on top if that I am told that I will to have 6 months cash reserves for both properties. Which comes out to be about 6,000 or more. This is also not including closing costs.

The current deal that was brought to my attention by my realtor is a Duplex for 55K needs some cosmetics, but I made a curb offer so I could get a walk through. Assuming I have a satisfactory walk through, what are some ways to raise the money or finance it in a more creative way? I have asked family if I could borrow from them, but I could only get about 2K if I had to. 

I can but I have to go with smaller local banks, and they typically want you to have more skin in the game.

I am looking to raise around 10K in capital from investors. I will see what I can get from family, but if I end up needing more funds, what are typical terms, conditions, and length with these sort of contracts? What are your individual experiences?

The deal

Duplex listed at 62,5000 offered 30,000

Curb offer on one half walked through one half and identified a lot of cosmetic issues, mainly windows and flooring, and possible bathroom remodel and possible leak in roof.

15% down for a standard owner occupied deal. Have around 5K in cash.

Would like to raise 100% of down payment and closing costs.

I am looking to raise around 10K in capital from investors. I will see what I can get from family, but if I end up needing more funds, what are typical terms, conditions, and length with these sort of contracts? What are your individual experiences? 

The deal

Duplex listed at 62,5000 offered 30,000

Curb offer on one half walked through one half and identified a lot of cosmetic issues, mainly windows and flooring, and possible bathroom remodel and possible leak in roof.

15% down for a standard owner occupied deal. Have around 5K in cash. 

Would like to raise 100% of down payment and closing costs.

I have submitted an offer on a duplex for 30K, my cash on hand is around 5,000 and was thinking I was going to get 5% down but now the banker is telling me that it would be 15% and would need almost 10,000 in reserve cash to account for 6 months in payments for my current duplex and the one I am trying to buy. This is also not including closing costs. I can get an extra 3-4k from family to help build reserve cash, but I am not sure that will be enough. I have a few questions regarding this possible transaction. I have already used FHA in my first property.  1. Is there a way to get 5% down on this property even though it is a duplex? 2. If not, what are some other ways to finance this deal?

I am talking to several now, but since they see it as an investment property they want 15% down, even though I am planning on living in it. Plus problems arise since it is under 50K. 

I have submitted an offer on a duplex for 30K, my cash on hand is around 5,000 and was thinking I was going to get 5% down but now the banker is telling me that it would be 15% and would need almost 10,000 in reserve cash to account for 6 months in payments for my current duplex and the one I am trying to buy. I can get an extra 3-4k from family to help build reserve cash, but I am not sure that will be enough.

I have a few questions regarding this possible transaction. I have already used FHA in my first property.

1. Is there a way to get 5% down on this property?

2. If not, what are some other ways to finance this deal?

I have been talking to a gentleman who is willing to let go of a duplex that is currently rented out at 500 each side. My question is can I use a personal loan if I do not have 8K in cash on me? How do personal loans work in terms of conditions and length of time to pay back? If not what are some other ways to finance this? I don't think I could get a mortgage for 8K right?