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Updated about 8 years ago on . Most recent reply
1st Rental bought, not what??
So my husband and I purchased our first rental property in West Palm Beach. We currently have a tenant who covers almost the entire loan except $300.00. We currently have a hard money loan. Should we switch it over to a conventional loan, in 3 months when we are able to get out of it or buy another rental property based on my income with a conventional loan? And when does a bank start considering your rental properties as income instead of debt? I can qualify for one property based on my job, but I don't think I can qualify for two? Can someone point me in the right direction?
Many thanks,
Aprelle
Most Popular Reply
@Aprelle Hawkins Hard money is expensive. If this is a long term investment, you should have a long term loan. You should have a sit down with a mortgage specialist. There are plenty of great ones in the area, and I can recommend some that I have used for my Palm Beach County purchases.