Hey everyone I recently brought a property back in march that me and my family live, Im trying to break into the investment game either in wholeselling or rental property. My question is when I start looking for financing what is the process, will me already owning property make it harder for me to obtain a loan? Will I get charge an higher interest rate? Can I need any money down? Im just sure on how the money part works so if you have any examples or input please share.
My question is when I start looking for financing what is the process, will me already owning property make it harder for me to obtain a loan?
Not necessarily. It all depends on the parameters. Credit score, type of income, DTI (debt to income), property type, etc.
Will I get charge an higher interest rate?
This will also be determined by the risks, as mentioned above.
Can I need any money down?
Probably. However there are some creative opportunities based on the scenario.