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Updated over 4 years ago on . Most recent reply

Marcus Franklin's profile image
Marcus Franklin's profile image
Marcus Franklin
  • Wholesaler
  • from Manayunk, PA
  • Member since Feb 20, 2019
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Marcus Franklin's profile image
Marcus Franklin's profile image
Marcus Franklin
  • Wholesaler
  • from Manayunk, PA
  • Member since Feb 20, 2019
Connect
Marcus Franklin
  • Wholesaler
  • Manayunk, PA
4
Votes |
10
Posts
Buying & Selling Real Estate

Will banks give me a mortgage on a turnkey rental?

Marcus Franklin
  • Wholesaler
  • Manayunk, PA
Posted

So my father and I are under contract on our first rental. I brought him the deal and he is using a HELOC to fund it. The property is in Norristown, PA. The property has a tenant in place and they have lived there for 5 years with no plans on leaving. My question is will a bank lend us a mortgage right away or will they require us to wait a seasoning period?

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