Running Out Of Ways To Get Down Payment, Need Ideas
Hi, I have just started out this year with rental properties. I have used my equity in my personal residence for down payments and I have used equity in another investment property that I have for a down payment but I am now running out of things to use for money for a down payment and I don't want to use any cash out of pocket. I feel like my mind is blank. I don't know what else I can do for creative financing and the sellers aren't willing to do any help with the down payments or seller financing. I want to continue to grow my business but how do I do this when I am running out of equity to use as down payments. All help is appreciated. Thanks.
With a good enough credit score, you should be able to get 100% financing.
I have found a couple places that will probably give me 100% financing but then the closing costs go up to $4000 dollars or more.
As long as it cashflows and meets all your criteria does 4 grand in closing costs really matter? You'll still be making money and holding the property so I would jump on the 100% financing!
sounds like you need a sound relationship with a broker
because financing shouldn't be an issue as long as your net worth is positive, you can show rental income, not to mention a decent credit score you should be well on your way to 100% financing. If your broker is half decent they should be able to wrap your closing cost into the loan therefore allowing you to come to the table with absolutely NADA which is my rule of thumb because it makes everyone happier
Good Luck