Financing on rentals

[Brady Lee]

I am looking into long term rentals but after listening to a podcast today on BP I have a few questions. Is the best way to get financing just a conventional loan? On the podcast they said that you can't use your rental income to qualify for other loans until you have had them for 2 years. So when starting out lets say we get one rental property with a conventional loan, do we have to wait 2 years to qualify for our second property if our income alone isn't enough? Please let me know what you guys think or what experiences you have had, either positive or negative. I really appreciate any and all advice.

[Craig Pfeifer]

I would use conventional financing as long as it is available.  Then you may have to be creative with your financing.  Possibly utilizing a heloc if you have equity in your current home, 401k loan, or partnering with other people.