4 Things to Ask When Looking for Loans for Rental Property

[Corey Dutton]

When searching for loans for rental property, even the most seasoned real estate investors may encounter a labyrinth. Not only are there multiple options to choose from, but there are various qualifications requirements that make it even more confusing. Before you start the process of looking for loans for rental property, ask yourself the following four questions:

1. 1. Am I looking for a loan for one rental property or for multiple rental properties?
2. 2. Is the property vacant and in distress, or is it rehabbed and rented?
3. 3. What is the max loan to value I can get on a loan for rental property and will it cover what I need?
4. 4. Can I provide full documentation to a lender, e.g. tax returns, credit report, etc?

These are just 4 questions to start with when starting your search for loans for rental property. Very often, it is not your home mortgage broker or community banker who will provide the best advice in regard to your investment properties. Consult with several individuals including: other real estate investors, private money and hard money lenders, and even a commercial mortgage banker, depending on the number of investment properties you currently own.

(Article Source: http://privatemoneyutah.com/loans-for-rental-property-allow-investors-to-leverage-portfolios/ )