All Forum Posts by: Jenny Serrano

the short answer to your question is no, in general there is no way to borrow 100% (unless you qualify for a very specialized program like a VA loan, for example.) and having 2 conventional loans as you're describing used to be a thing before the financial crisis... and no longer is.

you're also asking about sub to - that is not a beginner strategy and i would strongly recommend not trying it on your first deal. it's for well capitalized, advanced, diversified investors. and you still need money to do it - when you go to closing, you're still going to have to bring thousands of dollars to pay for closing costs, taxes if there are any, etc.

so... the strongest possibly play for you is to just save up: a 3-5% down payment + closing costs + reserves. talk to a loan officer and they can tell you more about how much it might cost. then: save.

also see this thread about cash flowing on a house hack. that is not the point of a house hack. the point of a house hack is just to defray your mortgage with some rent. not to be positive every month. if you can pay $1200 to rent or $987.33 to house hack, house hacking is the better option.

https://www.biggerpockets.com/forums/922/topics/1154317-cash...

I appreciate this. I will definitely look into it. Aren't there FHA loans that are available with no money down? I understand there is additional cost for the insurance for the duration of the loan and that sucks but am I allowed to ask for more than the house is worth for the rehab costs? The duplex I want is 310,000 and I wanted at least 50,000 for the rehab. I apologize for the back and forth but if this doesn't help then I will need to save the 60,000 although it might be a while to save it.

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Thank for the advice. I am just confused overall and I was going to make a separate post stating the following:

I understand there are different ways of getting a rental property with no money down but I'm so confused as this is my first time trying to get into something. I don't know much about taking over mortgage payments and from what I've read you still need to give the seller a lump sum. In my area I don't think the seller will be so desperate to just accept payments. Also, I still would need to pay off a lump sum for which I prefer a mortgage because I can personally control how quick/how slow I can pay off the property.

If I were to get a down payment loan from the bank in addition to a loan for the difference from a mortgage lender then I have 2 payments a month to make and no cash flow on the property. So I am confused as to how I can get a property for no money down and not have to sacrifice cash flow. I mean I could get an FHA loan but the PMI is added when I don't have 20% down. Is this a reasonable loss to get into the game?

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Hello all, I am an aspiring investor and want to buy a duplex. I don't have enough to cover a down payment and have research different ways to start. I just don't know which one is the safest since this is my first time trying to get into the game. 1st way I know of doing it is asking the seller if I can take over their mortgage payments but I don't understand how this works since they might have already paid part of the overall cost of the home. Another way I know of is by going through a bank loan for the down payment and then going through the mortgage lender for the rest. One final way is through USDA loan for rural areas but I don't know if South Jersey qualifies for that. Any help would be appreciated even if it is not directly related to the topic. For reference, I am 26 y/o and make 60k a year.

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All Forum Posts by: Jenny Serrano

Jenny Serrano has started 1 posts and replied 3 times.

Post: How to Buy a Duplex w/ No Money Down

Post: How to Buy a Duplex w/ No Money Down

Post: How to Buy a Duplex w/ No Money Down