I have 40k in cash another 20k invested in funds, 15k in 401k that is it. I am planning to buy rental property of $300k out of state.
TC ~180, young, not married.
Min downpayment offered so far is 15%. I dont want to cash out from my investment and 401k also would like to keep 10k at least from my cash.
I am not gonna get more than 7k loan from 401k.
is there any lender who can give me 10% or less downpayment with/without PMI on an investment property?
#housing #investment #mortgage #property #rental
- I have never meant I am going to take the money out from 401k, infact I don’t even want to take the money out from my other investmenta in ETFs etc. However I am consudering taking loan from 401k @6% which I get 7K max
- I am on visa, I will have a property manager.
- I am considering new constructions only, its a long term plan
- I currently do not own a house
- All I am asking is, do you know anyone who can lend me with less downpayment on insvestment property?
I get the appeal of owning rental properties in another state but it can be a huge hassle. I won’t do it again.