Found a Deal: Short 15k, What are my Options?
Hi All,
I found a great deal on a property and I am going to put an offer for 110k. However, I only have 15k, or 13% down.
I would need an additional $7,000 to hit the 20% down for investment properties plus $8k for closing associated costs.
Now, I currently have a fully paid off property, with a very conservative value of $120k. This cashflows positively every month. I also have an 80k salary for added context.
Additionally I am already under mortgage for another property at $105k (sold), and financing $84k. With the new proposed mortgage my DTI would come all-in to roughly 23.04%
Is there any possible way for me to get this property? Or is my only option here to just save more and come back to the market when I'm ready with cash?
Thank you.
Posted Apr 1, 2023, 6:52 PM UTC