Home Buying in Columbus>Question Details

Dave, Home Buyer in 06106

How much % downpayment for investment property in Columbus, Ohio?

Asked by Dave, 06106 Mon Jun 30, 2008

I am an out of state investor looking to buy a multi family rental property in Columbus, Ohio. I am wondering what kind of loan programs are out there for investment properties? Are there still loan programs that requires only 5 % or 10% down? I graduated from OSU, so I am familiar with the area.

I am interested in the Dayton area as well.

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6
Columbus is the top three nationwide stable markets, meaning not as much risky volatility; important to your leveraged plan--a good plan. There is NO BETEER time to buy here -- ever!
0 votes Thank Flag Link Wed Jul 9, 2008
There are still local lenders that do 10% down on investment property if they are SFR's, condos or 2-4 units. If you are looking at commercial property such as an apartment building then 20% down is the norm in todays market. If you are looking for properties or need the contact information for the lender I use please let me know.

Brian Swope
bswope@villagecommunities.com
0 votes Thank Flag Link Wed Jul 9, 2008
It varies with the lender, timing, and current policy. Visit a Mortgage loan officer now. Then have a competent Investment Realtor.
0 votes Thank Flag Link Sun Jul 6, 2008
I agree with Jason's answer, however, he did state that he was an out of state investor, so no chance of living in the home - he is looking at 10% - 20% down to make it work.
0 votes Thank Flag Link Mon Jun 30, 2008
Dave,
I am and work with many investors in the Columbus area. Most banks require at least 10%to 20% down non-owner occupied. What I recommend is buying a property and occupying it. Make upgrades or changes as you go. Later on you can decide if you would like to sell the property or rent it out and move to a new project. Also you will build equity up over time, which you can leverage for more property.

Thanks Jason
jason.manos@kingthompson.com
0 votes Thank Flag Link Mon Jun 30, 2008
Typically, with good credit you can get away with putting 10% down, however, with larger multi-family units, that may increase to 20%. Single family you can do with 10% down all the time, with good credit and verifiable income.

Let me know if I can help you in the Dayton area, we work with investors all the time.
Web Reference: http://www.SWOhioReatly.com
0 votes Thank Flag Link Mon Jun 30, 2008
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