HELP! Confused about financing, Need Clarification - Posted by Melanie

import · August 17, 2009, 12:42pm

Posted by Melanie on August 17, 2009 at 19:12:30:

Puyallup, Spanaway, Parkland, Tacoma, Washington

import · August 17, 2009, 12:42pm

Posted by Melanie on August 17, 2009 at 12:42:38:

My dh and I own a home free and clear, and are living in another one as our primary residence. We’d like to invest in a duplex. I was told by a realtor friend that the only way to do that was to sell the house we’re in now and live in half the duplex and we have to put 20% down. Is that the only option? We’d kind of like to keep the house we’re in now since the market is so down. Thanks

import · August 21, 2009, 9:38am

Re: HELP! Confused about financing, - Posted by James Harris

Posted by James Harris on August 21, 2009 at 09:38:26:

Melanie, also, that realtor you spoke with wants to make as much off you that they can. That’s why he wants you to sell the house you’re in. I would suggest that you obtain a HELOC to get the down payment needed. Unless your realtor has knowledge about financing, does loans themselves, they really don’t know what they are talking about when it comes to financing property.

import · August 17, 2009, 3:10pm

Re: Financing, Duplex down payment required - Posted by Carl Snyder

Posted by Carl Snyder on August 17, 2009 at 15:10:29:

Melanie, You can purchase a duplex with 3.5% down owner occupied.
As investors, you can purchase your duplex with 25% down.

import · August 17, 2009, 2:04pm

Re: HELP! Confused about financing, Clarification - Posted by Ari

Posted by Ari on August 17, 2009 at 14:04:08:

While it is very difficult to refinance and take cash out these days, it is possible depending on your situation. Have you considered using funds from stocks, bonds, 401K, etc? You don’t need to pay cash for an investment property to work. Of course your Realtor friend tells you this because he/she wants to sell your home and help you buy another Double commissions! Most agents are not looking out for your best interest, so they choose the easy way, even if they are your best friend or relative. What market are you most interested in looking for a duplex?

import · August 17, 2009, 5:59pm

Re: HELP! Confused about financing, Clarification - Posted by Melanie

Posted by Melanie on August 17, 2009 at 17:59:03:

I don’t mean to be ignorant, but what do you mean by what market? Price?

import · August 17, 2009, 6:24pm

Re: HELP! Confused about financing, Clarification - Posted by Ari

Posted by Ari on August 17, 2009 at 18:24:05:

I’m referring to the city of interest. There are close to 400 markets in the nation, and they are all different, which is great.