How to buy a rental property for less than 5% down
20% down isn't the only way...
Certainly a really great question I get is how to get into rental properties.
Now, rental properties being required that you have 20% down when you're buying it as an investment property.
But, did you know there's a way to get into 5% down without having to move into the property?
One way is through our second home or family home program.
So, if I'm buying a property, let's say for example, and the most prevalent example would be, I'm buying a home because my kid is going to college.
And I'm going to buy a condo by the college or university. He or she is going to live in it during college, and after he/she is done that could turn into a rental property.
I'm going to use it as a rental property.
That's a totally allowable 5% down deal.
It's a little bit harder to qualify for, but it's allowed.
The second thing might be that I have parents or a family member that's moving into a condo.
I buy a condo for them to live in.
That's a 5% down deal, a "second home" type of thing so I don't have to move into that.
So those are at least 2 ways you can get into rental properties for less than 20% down.
If we can help with that, please do reach out to us.
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Thanks so much.
Have a great day.
