Hi Guys and gals,
I’ve got some questions that no one seems to have an answer for, I thought I’d try an online community for them. I currently own no property, but I’m looking to buy rental property to start, with the intention of rehabbing houses in a couple years if the cashflow that I get from rental properties opens op that opportunity.
First off, what LTV% am I going to need for my properties. I read some places that I can get 90% loans, some places that it must be 80%. My tradeoff is wanting positive cash flow, but not needing such a large down payment if not necessary. There are some properties of interest to me, but 20% down is not in my range at the moment.
I have other questions, but they’re all based on this. Thanks in advance!
-Jason
J,
Welcome to REICLUB! You will find this website to be a wealth of information. Are several ways to answer your question based on what type of investing you are looking to do. What I would suggest is that you just reading postings regarding finance in this forum. Good luck and happy investing.
j,
Since you currently own no property, you should look into buying 2 units, duplex, or house with mother-in-law quarters. It is much easier to get a loan if you are going to live there.
Talk to a local bank or mortgage company and get pre-qualified for a loan. They will tell you what you need.
Then you live in 1 unit and fix it up and rent out the other. Now you have invested in real estate and put a roof over your own head as well.
Good luck with your plan.
Furnishedowner