Question:
“I have several rentals and want to buy another property, perhaps a little house. I’d like to come up with as little cash as possible. What do I need to put down?”
Answer:
To buy a residential rental, you’ll need at least 20-25% down, plus closing costs of around 3%.
But here’s a good idea to invest and not deplete your cash on hand…
If you have enough equity in one of your rentals, pull money out of it via a refinance or perhaps a second trust deed, and use that as the down payment on your purchase. So you’ll be able to use less or none of your cash on hand.
To find out more, I’d be happy to put you in touch with my preferred lender.
Just call me at (858)457-KENT.
