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Updated almost 11 years ago,
Investment rental purchases and financing
Been doing some research on the site and in my market to learn the ropes. Started talking to a few banks about financing my first investment purchases and had a question from this. One in particular is requiring 6 month's worth of reserves that will cover the mortgage in the case it doesn't get rented. Is this typical? Or is this just not a very investor friendly bank?
It makes sense for them to want a little more security on the loan but I just haven't heard of that from reading the forums yet. Just curious