Financing For Investment Properties
I just submitted an agreement of sale for 92k for a triplex in the philadelphia area. I am being told that I need a minimum of 20% down. Any thoughts for a lower downpayment? Additionally, there are two abandoned buildings on the block. Any thoughts on who to contact to try and buy the properties? Thanks for any input.
If the triplex is in habitable state, you should have no problem getting a 95% LTV loan... Who told you that you needed at least 20% down? Call a mortgage broker - not a mortgage lender - and ask him/her if they have any 95-100% LTV investment programs...
I KNOW you don't need 20% down. I purchased a duplex last August for $95,000 with ZERO DOWN Payment... Actually they included 3% of the closing costs in the financing... I still had to pick up the remainder of the closing costs, about $5,000, but its still worth it...
Look Around, you'll find it!!!
Good Luck!
Matty Kling
Philady,
How's your credit? PM me, I may be able to provide you with some information to assist your purchase.