We are new to the real estate business and are looking for lending companies for investment properties. Any suggestions?’
Thank you! :help
What type of terms, programs, etc. are you looking for?
Sorry, let me fill you in with what our plans are. My wife and I make a good living with normal 40 hour/week jobs. We own a home with no mortgage, we do have home LOC on it. We live in San Antonio, TX.
We are interested in investing in real estate as a 2nd income. We are interested in forclosures or bank owned properties. I will be doing most of home repairs. We eventually want to be able to make a living and get licensed in RE. After reading through the forum, I see we need to find a hard money lender. We have good to great credit being in our mid 20’s. I am not sure what our DTI ratio is, but we have 2 cars and a boat, plus the Home LOC and couple credit cards.
Anyway, am I on the right track with the lender? I found an online lender texasinvestorloan.com I thought I would apply with. Also, any good tips to get the ball rolling with type of business would be GREATLY appreciated!
Thanks!!
Jon
Nowadays the best way to do it is to use hard money to acquire the property and fix it up, then refinance the property at the new LTV. Depending on the hard money lender (there are some in Texas that will go to 85% ARV) you can acquire properties for little to no money out of pocket. San Antonio is a great market to be in. With the low unemployment and good home appreciation you can do very well down there. Hope this helps.
Thanks! I figured hard money was the way to go. I have been reading lots of articles here and it’s been very helpful! Is it easier to find pre forclosure homes or bank owned homes? Whats the process once I have found interest in a home?
Thanks again!