Liquid Assett For 90 Days?
Of all the RE books i have read i have never come across anyone mentioning the loan company stating " the need to have enough liquid assett to cover closing cost and 6 months of no rent payment from the tenant. and it must have been seasoned for 60-90 days. My intent is to buy a rental property but this took me back for a loop. Please help with other options. I understood that the seller pays closing cost not the buyer, right? of course unless it is agreed in some other way.
That's common with many lenders. I've been able to use my IRA as the assets for the 6 months rent. I've always had the required closing funds. The buyer pays the closing costs, not the seller, but there are programs out there that require the seller to pay part of them. In my experience the sellers were not willing to pay those fees.