How to get a 30yr loan for an investment property

[Jake Minyen]

Hello, I am just getting started with my real estate investing business. I have a couple of pre-approvals from lenders in my area (Oklahoma City, OK) but the max term they will give me is 25 years, some only offering 15 years at a 9.25% interest rate. In a recent webinar, David showed an example of a rental analysis and put the loan term for 30 years and said that's what we should be trying to get. Does anybody have a reference for a lender in my area that will do this? I am having a lot of trouble finding cash flowing properties in this market with these high rates. Eventually, I will be seeking properties that need rehab and I know there's much more room for growth and opportunity in doing that but unfortunately at this time I am unable to do that. I would prefer for my first rental property to be turn key or as close to it as possible. Thanks in advance for any guidance.

[Michelle Crochet]

I can recommend that you reach out to local banks and credit unions in Oklahoma City and speak with a loan officer to discuss your options.

Additionally, you may want to consider working with a mortgage broker who can help you find lenders that offer competitive rates and terms for investment properties. A mortgage broker can also help you compare different loan options and choose the best one for your needs.

When it comes to finding turnkey rental properties, you may want to consider working with a real estate agent who specializes in investment properties. They can help you find properties that are already generating cash flow and are in good condition, which may be more in line with your current investment goals; and they may also have connections with your local lenders and mortgage brokers. It can be a complex process, but with the right guidance and resources from your local agent, it'll be less stressful indeed. Good luck, Jake!