Loan for investment property

[Saravanan Varadan]

I got an investment property (a single family home) with my savings in Texas a few months back. The property is now rented out! I got a good deal in the property since it was a all cash transaction and had to be fixed. I have about 35-40k equity in this property. I am contemplating on taking a loan on this property and using that money to invest on another rental. I reached out to a lender who is charging 4.35% APR with 5k in closing costs including 1 point for a 15 year loan. I am doing this for the first time and want to know if I could get better rates or I Should take this!

[Joseph Firmin]

Shop around, there are so many lenders and options. Maybe try a HELOC, that way you can use it and reuse it.