All Forum Posts by: Ryan Cooley

@Richard Helppie-Schmieder That is AWESOME. I love the hustle. I will do that. Did you have greater luck with credit unions or banks? 

Hello BP! 

I found a great investment property (4-plex). I want to avoid having to clear out our savings to put down the 20% down payment. 

What are creative ways to fund the down payment? 

Hi BP! 

I found a $300k 4-plex in Pinal County in Arizona. The total rent is $3500 between the units. 

I don't have the cash to fund the entire down payment of the loan ($60k + closing costs). 

Would you recommend finding a partner or taking a loan to use on the deposit? 

Their is also an option to do seller financing, but the terms the seller will agree to aren't great (5-year balloon). 

What is the best way to obtain money for a down payment on a rental property? 

I have a great deal that the seller is willing to finance at a 5% interest rate over 30 years with a 5 year balloon. 

However, I spoke with a bank that can do a 30-year mortgage with a 15-year balloon at 3.5% interest rate. Far better. 

I only want to put down 10% on this deal to keep cash reserves. To get the better deal and go through the bank, how would you recommend getting the other 10% for the down payment? 

I've checked into a HELOC and don't have enough equity built up in our current home.

What is the best way to obtain money for a down payment on a rental property? 

I have a great deal that the seller is willing to finance at a 5% interest rate over 30 years with a 5 year balloon. 

However, I spoke with a bank that can do a 30-year mortgage with a 15-year balloon at 3.5% interest rate. Far better. 

I only want to put down 10% on this deal to keep cash reserves. To get the better deal and go through the bank, how would you recommend getting the other 10% for the down payment? 

I've checked into a HELOC and don't have enough equity built up in our current home.