We just need to verify that you have cash for the downpayment, closing cost, and up to 6 months of the mortgage payment as reserves.

You can take out home equity loan and use that as a down payment on an investment property, but I'm pretty sure your return will be very poor.

Do they require payment on site or do they give you a certain number of days to close the transaction?

The maximum fixed-rate period seems to be seven years, and there is generally a balloon payment at 10 or 15 years.

If you have extra cash at the end of the month, then do double up payments on the mortgages so the principle is reduced and this will increase your heloc room.

However if you have enough reserves, 6mo or greater then I'd say chance it but a couple of missed payments from the tenants and you have to foot the payments out of your own pocket.I'm all for taking risks but I think you really need to evaluate the age of the major systems so you don't get hit with a bunch of cap ex all at once as well as your reserves. 

Hi BP community - I'm an investor with 3 SFHs in the Nashville area looking to acquire my first small multifamily property (2-4 units).I'm trying to determine the best approach for the 25% downpayment, comparing using...

What kind of account or vehicle would you suggest to start saving down payment money for my first rental property?

@Marcos Carbi  If you want to allow a payment plan, Tell them this is the best I can do:Pay $xxx cash by tonight at 8pm for November's rent. and then beginning Monday Jan 20, pay $450 each Monday (in cash?

Best practice is to keep one or two payments in reserve from the buyers down payment for such instances.