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Updated 16 days ago on . Most recent reply
Raising Cash for Down Payments
Hello BP,
I am in search for a rental property and have 2 bank pre-approval letters for the funding. However, I'm afraid I'll fall short in cash to close and for the 15-20% down payment the bank requires.
What are some strategies you use to raise cash for down payments without having to dilute my ownership?
thanks
Most Popular Reply
Nicholas L.
#1 Starting Out Contributor
Pro Member
#1 Starting Out Contributor
- Flipper/Rehabber
- Pittsburgh
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Nicholas L.
#1 Starting Out Contributor
Pro Member
#1 Starting Out Contributor
- Flipper/Rehabber
- Pittsburgh
I know this isn't what you want to hear, but I'd wait and save up more. If you don't have cash to close, it sounds like you're not well capitalized enough to own yet.
Or, try to house hack with a lower down payment.
Good luck