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

Comments(1)

  • jerry5520th July, 2004

    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%

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