All Forum Posts by: John Spina jr

I'm looking to get my foot in the door with my first investment property. I live in staten island. Most if not all investment properties require 20 - 25% down payment. Unfortunately I do not have that kind of capital just yet to put that down on a property. Can anyone from the NYC area recommend a lender I could use for a down payment? Is this even a good approach or should I wait until I save enough of my own money?

Hello Bryant, I have a question. I have a lender who is willing to finance my first deal. I live in Staten Island, NY. Im currently looking in Easton, PA. Being that I'm interested in rental properties, this area has very good prices considering what I'm qualified for. I just want to make sure that i have the procedure right to get my lender back his money with interest. First he would fund the down payment plus repair cost. Once the house is bought, a tenant is moved in and making payments. Usually after 6 months then I would be able to get the property appraised. This is when my lender would receive his initial investment back and i would also be able to pay him in interest as well. After this is done I would assume the new mortgage and I would own the property. Is this something that I could do? I guess What I'm asking is this something that is normally done between a lender and someone who's looking to use other peoples money?