Single Family Owner Wants To Invest In Duplex Or 4 Unit, Need Advice
Hello, I just bought a single family (my main residence) three years ago. Bought for 250k. Surrounding like properties are selling for 390k. I appraised the house six months ago and it appraised for $330k.
I want to buy investment property. How can I do this without pulling too much money out of my main residence now? If this is not possible, I'd like some suggestions on some financing options. I am thinking about obtaining a duplex or four unit property.
My friend tells me I need 10% down.
Is there any other way around this?
What about l/o on investment property? How does that work?
Would I be better off with starting with a duplex?
Thanks. :-o
I'm currently doing a 95% investment property with interest only. you can also get 3-6% seller consessions to cover closing cost. this is written up in the P&S agreement. If you wnat to get real agressive you can have the seller give you some rehab money on top of the sale so you could be close to 100%