Do you have to put 20% down on a rental property?

Asked by Mel, Ogunquit, ME Mon Jul 16, 2012

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4
Tina Lam, Agent, San Jose, CA
Tue Jul 17, 2012
Since you're asking about buying a rental property, then you should work with a Realtor that specializes in investment properties. There's no firm rule that you must put down 20%, since some programs ask for only 10% down. But in general, lenders require at least 25-35% down.
Web Reference:  http://www.archershomes.com
0 votes
Cindy, Both Buyer And Seller, 46181
Mon Jul 16, 2012
First last and deposit...or you dont have the money to afford my place!
0 votes
Dan Tabit, Agent, Issaquah, WA
Mon Jul 16, 2012
Mel,
Landlords can ask for whatever security deposit makes sense, typically 1-2 months plus a reasonable damage deposit, but it's up to each landlord and state law. Google Landlord Tenant law for ME to know exactly what you should expect.
0 votes
John Snyder, , Auburn, ME
Mon Jul 16, 2012
Here in Maine, an owner can ask you for 1 or 2 months security deposit plus 1st month rent. Or some combination of the above such as first, last and one month security.........in other words, three months rent to move in. That is the legal maximum.
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