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Updated over 8 years ago on . Most recent reply

User Stats

18
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0
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Mike Nicholson
  • Real Estate Investor
  • Woodruff, SC
0
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18
Posts

Loan type for rental property / Newbie

Mike Nicholson
  • Real Estate Investor
  • Woodruff, SC
Posted

Hello! Newbie here so take it easy on me.  I currently own 3 rental property's in South Carolina that I paid cash for that are doing well.  I am looking at purchasing another home however I am interested in getting a loan for this property so I can utilize / leverage more of my cash for more properties.  I don't have any experience with loans other than my primary residence and not sure how to go about financing a rental property.  Should I just go with the normal 30 year fixed?  Or is there other loans than investors utilize for rental property?  I plan on buying this property and holding / renting for cash flow.   I have very good credit and can put down whatever is needed.  Current property I am looking at is $40K.  I will be using my own cash to make any needed repairs.  Thanks for any advice.  I have learned so much by following and reading post from you all.  Thanks!!

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