Rental Property Investor · Chicago · Member since 2021 · 5 posts · 0 votes
My wife and I have some money saved up and are looking to buy a 3 flat for more. We already own a condo and are looking to buy a property to start building our profile, but we are unsure what loans we can get at this time. Any input would be appreciated.
Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
3y
@Stepan Fedetskiy most folks who already own a primary home are looking at pretty standard conventional loans where you put down 25% to purchase a 3 or 4 unit. You can look into DSCR loans if you want to get slightly more creative, or you can use hard money/construction loans if you want to buy distressed properties. If this is your first investment property, I wouldn't try anything incredibly creative. I would save up a nice down payment and buy a solid building that you can hold for a while.
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Hi Terry!
I recommend checking out Lender Finder, a free and easy way to quickly find and compare investor-friendly lenders who specialize in your unique investment strategy.
Since we don't allow self promotion on the forums, you likely won't get responses from lenders here to find products you need. Find a few lenders on the lender finder to give you some options for what loans you can get!
Lender · San Diego · Member since 2021 · 80 posts · 56 votes
3y
Hey Stepan,
If you're looking for a loan that will not report to personal credit, DSCR would be the way to go. These loans are qualified primarily on the asset; interest rates will depend on leverage, credit score, asset type, etc. 1-4 unit properties are eligible for up to 80% of the purchase price. As Katie mentioned, the 'find a lender' section of BP would be a great place to start. Happy to be a resource as well!