Financing My First Investment Prop - Need Advice
I have found a townhome that is undervalued by at least $10k. It needs some rehabbing in the range of about $4-5k but other units are selling in the $110 - $120's. I called my lender and they said that because this is considered an investment prop they need the standard 20% down which would wipe out my cash savings. This is the first day the prop is on the market and there are 6 others that have requested to see it after me so the word is out on it. Any advice on how to finance this? I do have access to investment capital but the bank has also told me that any cash in my account would have to be traceable back at least 3 months. Thanks in advance and sorry for the long post. :-?
I just bought my first investment property with only 5 percent down. they called it a "second home" because it was my first investment. I talked to many lenders that almost had me convinced I would never get into a investment without 20 percent down. so I would keep looking for a lender who will loan at a higher ltv, they are out there. pm me if you need the name of one. good luck