First time looking for lenders

[Jack Rozema]

Hey all,

I’m considering my first rental property and getting my foot into real estate investing. It’s a house around $150,000 that I think is in a great location (close to downtown) and can produce some good cash flow via either short or long term rental.

However, I'm not really an expert yet when it comes to obtaining financing (and the right kind). I don't have much for a down payment and I'm not really keen about asking for family/friend money yet. Yes I've been exploring a bunch on Zillow and Mortgage Calculator plus and playing around with what my payment would be with PMI, etc.

My main questions are:

How do I find a good lender?

What are the right things to present to that lender to make them give me the best possible rate? General research from AirBnb, Rentometer, etc?

Other recommended routes to buy the property?

Thanks in advance!!

Jack

[Patricia Taveras]

@Jack Rozema

Hi Jack. I used a small local bank to fund my Airbnb properties. I was able to get commercial loans for them. I already had more than 2 years experience with long term rentals, so I was able to finance my first Airbnb with projected numbers as if it were going to be a LTR (yes my numbers would have worked for that too.) I bought my second Airbnb the same year, and my lender was willing to look at my Airbnb numbers from the first house to make some projections for the second house. This local bank was willing to work with me in ways other banks would not have.