Help with interest rate?

[April Hamm]

Hi!  I just got preapproved from the lender today for my first rental property!  I haven't bought a house since my primary residence in 2007, so this financing part is new to me.  It seems like traditional lending is the cheapest way to go long term, at least at the beginning.  I am putting 25% down and getting 7.731% 30 year fixed.  This is with paying $2000 to buy down the rate.  My credit score is 800, if that's relevant.  The lender said that you pay an extra 1% for a non primary residence.  Can anyone confirm this is true, and is this worth shopping or is this about the going rate at the moment?  

[Henry Clark]

At 7.7% how are your numbers?

Looking at your posts, looks like you just retired and want to build up 3 to 6 rental units per year.  

Have you modeled out, say the next 5 years with this plan?  Does this meet your financial plans?

Are you going after cash flow or appreciation, or both?  

Before you invest I would recommend you attend several REI meetings. Look at all of the various REI investments. Before investing.

You have lots of different REI paths you can take with different risk and reward levels.

Your strengths:

1.  Your in Texas

2.   Your retired

3.  You have lived in your house for 2 years and bought it many years ago.  
4. You're ready to do REI.

All of us have different backgrounds and are answering from our perspective and risk/reward analysis. Have someone help you to look at all of the varieties of REI to hit your targets.