need some insight.
I am trying to buy a 10 units condo for some +cash flow, about $350,000 with existing tenants leaseing. but, when my broker said need 20% down. ($70,000). before the lender can consider it, and said this is investment properties, they won’t do no money down.
How can I get it financed? with no money down.
and what is the best way to do the financing?
Please throw me some insignt.
Thanks
te06,
There are some programs that will allow for 100% on a 80/20 loan.
But, please be aware of other costs that you will have to pay: closing costs, fees, appraisals, inspections, etc.,.
you could also try private money for the down pmt or seeking a loan for the down pmt. the downside to this, is that you may end up with two mortgages. have you considered asking the seller to carry the 2nd? just a thought.
you could pay cash for one unit and get your money back with a line of credit secured by the unit, then repeat for the rest