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wouldn't need any down payment because it's simply a refi. The HML gets his money back, the rents cover the loan, prop taxes, HOA (if any), insurance, and HOPEFULLY maintenance. Again, it's a risky strategy (there are assumptions that the numbers work) but it is an option and by no means an end all be all.

Hey guys! I'm sure this has been asked in the past and I have read a few threads that help but just thought it would be better to ask and get your opinion on my specific situation.

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Advice on first buy with low funds

The bank will only lend out about 70% of the value they'd want to see 2 years of rent to count Nike Blue Hoodies it.

Ack! I too like to be contrarian to most people. But I would never suggest to purchase a property with Hard Money to someone who doesn't have enough money. 12 15% with 3 or 4 pts! That's real expensive, and then when he gets in and discovers that there is rehab to be done, a water heater to replace, rot in the subfloors he's sunk.

The problem is, I have talked to some of my mentors who have been doing this for a long time and they said, typically, the banks/credit unions in this area want 20% 25% down for an investment property. I am 28, been married for 4 years and have a 7 month old daughter and do not have $10k $13k just laying around to buy one of these properties. I make decent money and feel confident that I could cover the mortgage payment for a few months if need be but if would take me quite some time to come up with that kind of money to put down.

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I don't think he is talking about doing a huge rehab and dramaticly increasing the property value.

It all risk but the key is to make precise calculated risk. Good luck Cory! Hope this helps. I am 28, been married for 4 years and have a 7 month old daughter and do not have $10k $13k just laying around to buy one of these properties. I make decent money and feel confident that I could cover the mortgage payment for a few months if need be but if would take me quite some time to come up with that kind of money to put down. Not the cheapest in the long run way but a work around for those itching to start with low funds.

If Cory rents out the property, as he stated, the bank would count the gross rents as income for Cory. As this shows the bank that this is investment property is actually stable and generating income (which is why I say 6 12 months). Also if the home was purchased below value, getting it refied wouldn't only be easier (due to the monthly income) but he also Nike Long Sleeve White

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Hey James Wise great question!

They all want between 20 25% down, but most of them don't have a limit as far as how low they will go on an amount. I think one did but it was pretty low ($25k or so?)

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If you can find a homepath property then you might be able to get 10% down =) I have kept an eye on homepath for both Blount and Knox county for a long time though and hardly any great deals come up on there. BTW, GO VOLS!

But I completely understand your position. Cory also has the options of waiting and saving or learning to wholesale in the mean time to raise 6 months worth of capital plus 25 35% for the down payment. Both of which take time, nothing wrong w that just a different strategy.

I am wanting to buy my first single family rental property this year and need advice on loan strategies. I have some really good opportunities in my area to Nike Women Jackets

Besides most of the HML I know require at least 6months reserves and 10 20% down too. Cory must consider time vs money. Most HMLs in my area do not "require" 6 months of reserves And we are talking California. What I found is that if you have contingencies in place, bought at the right place, it a great property, the numbers are in their favor and all the stars align so to speak they feel much more at ease and even impressed. It all in the presentation.

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What part of Knoxville are you looking at? When I get my first property next year I am thinking about either Maryville or South Knoxville. Also, I emailed a ton of local banks and credit unions about financing an investment property and the minimum loan amounts they will do.

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If you found a HML you be able to only put down a few points (3 4 in your area I guess) put someone in the home for 6 12 months, THEN head to the bank and get the home refied. Not the cheapest in the long run way but a work around for those itching to start with low funds. Plus, WHEN you buy the property at the right price (if you purchase the property at market or above this isn the best strategy) there is always the option of wholesaling or retailing it if your renting refi strategy doesn seem to be working.

buy great homes for little money and rent. brick rancher, 1960's 70's, asking $35k $50k depending on the situation. This particular house would rent for approximately $800 in this area. I have done my homework and feel very confident that this is a good investment for me to start with.

Why would he be able to get the loan in 6 12 months if he can't get it now?

But I completely understand your position. Cory also has the options of waiting and saving or learning to wholesale in the mean time to raise 6 months worth of capital plus Nike Crop Top Windbreaker

25 35% for the down payment. Both of which take time, nothing wrong w that just a different strategy. Cory must consider time vs money. Most HMLs in my area do not "require" 6 months of reserves And we are talking California. What I've found is that if you have contingencies in place, bought at the right place, it's a great property, the numbers are in their favor and all the stars align so to speak they feel much more at ease and even impressed. It's all in the presentation.

The bank isn't going to give him a refi with that big hit to his debt to income from the HML. As this shows the bank that this is investment property is actually stable and generating income (which is why I say 6 12 months). Also if the home was purchased below value, getting it refied wouldn only be easier (due to the monthly income) but he also wouldn need any down payment because it simply a refi. The HML gets his money back, the rents cover the loan, prop taxes, HOA (if any), insurance, and HOPEFULLY maintenance. Again, it a risky strategy (there are assumptions that the numbers work) but it is an option and by no means an end all be all.

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