This week’s question comes from Mack through Ashley’s Slack channel in the Real Estate Rookie Bootcamp. Mack is asking: How can I buy an investment property without putting 20% down?
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Ashley:
This is Real Estate Rookie Episode 142.
Ashley:
My name is Ashley Kehr, and I am here with my co-host, Tony Robinson.
Tony:
And welcome to the Real Estate Rookie Podcast, where we break down all of those burning questions that rookie investors have, give you our best answers that we’ve got, and sometimes we bring on other guests to answer those questions for us, but today you get me and Ashley going deep into the psyche, into the questions that our rookies have and hopefully giving you guys some value.
Ashley:
Today, we are actually pulling our rookie reply question from the bigger pockets, Rookie Real Estate Bootcamp. So, we have one of the members that had asked a question in the Bootcamp in the Slack channel. So, if you are unfamiliar, I host a Real Estate Rookie Bootcamp, where we learn how to get comfortable and confident in getting your first deal in 90 days.
Ashley:
So, today’s question is coming from Mac Fields, and he posted this in slack: Hi, all. How can I buy an investment property without putting 20% down on a triplex? I already have an FHA loan. I was thinking about refinancing it to conventional. However, I was advised if I tried to get FHA on an investment property that I would be flagged in underwriting since I have a big family. I’m trying to stay away from partnerships and a hard money lender. Any suggestions would be greatly appreciated.
Ashley:
So, first, one of the other members, Wendy Al, she actually already commented to respond to Mac and said: My bank let me put 15% down on an investment property, but it was for single family home. I would check with your bank.
Ashley:
So, the…