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All Forum Posts by: Henry Farias

Henry Farias has started 1 posts and replied 1 times.

Starting Out

Post: Got Land and want to use it as down payment.

Henry FariasPosted
  • Posts 1
  • Votes 1

Hello, Thank you for taking the time to read this. I recently paid off about 2 acres in Texas that I was able to purchase from a family member. Now that I am in position, I would like to place a mobile home to generate some passive income, but I don't want to use my savings for the down payment. I was thinking to use the property as the down payment. I understand the risk it comes with if I have vacancies, but I do have a couples of months of mortgage saved to use in case I get stiffed. NOW ... I'm not sure how and what to look for in a lender that would take the property as a down payment or what step I should take first. Maybe get it appraised? 

1 Vote