For those who had purchased $1MM-1.5MM+ house, what kind of financing you were using? 20% down? All cash? I am just curious how people approach such big purchase?
I finance with 25% down. Any $1MM+ property I’ve sold the buyers purchased with all cash or 50%+ down. I would rather use the extra cash to find properties that are way under market value.
Just for kicks I went and looked at about 20 sold homes from about 1.25-1.4 million. All of them were financed except one was all cash. The ones that were financed were all over the map. A few had 20-25% down while the majority of them seemed to be from 25-40% down and the rest financed.
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