I have been told that I would need minimum 5% of my own money and that would be with the seller carrying back 15%.
When you say “very little down” what exactly do you mean? a few thousand?
As far as would 650 be enough to cover piti and cash flow, I think that would depend more on the interest rate I get no? If worse come to worse if my renter doesn’t want to pay enough to cover piti and cash flow… then I can always try hud… the most that they will pay for a 3 bed is 972… so I don’t think I would have a hard time getting 700 or so…but I have to find out what interest rate I can get first…
so if you have any other suggestions that would be greatly appreciated…
There is a house listed with a realtor for 70k. Several houses on that street have sold for 70k. Brand new roof, paint, appliances, carpet. All I would need is just the tenant (which I already have waiting) that will pay 650 a month in rent. I made an offer a couple of weeks ago for 70k with seller carrying 20% (he owns it free and clear) and me getting financed for the rest. He said no. He wants all of his money. So today I get a call from my realtor and they now want 60k but still does not want to do any seller carry back. How can I structure this to where I don’t have to put down any of my own money? Maybe a REC then refinance at closing? Or is that not possible anymore? Any help would be appreciated.
Thanks,
Jorge
PS I am in Albuquerque, NM… my mid score is 640 and right now I have a rental home and my own residence. So 3 mortgages all together on my credit report. with an income of about 35k a yr.
offer him 65,000 and get him to pay 6% towads your closing that should cover dp and closing and give him his full 60,000 plus some.
just remember is 650 a month going to be enough for piti and leave you any cash flow
p.s. with a mid 600 beacon score you should be able to go with very little down and the 4000 the seller would contribute should be enough