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Updated almost 9 years ago on . Most recent reply

Chip Chronister's profile image
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Chip Chronister
  • Investor / Rehabber
  • from Fort smith, Arkansas
  • Member since Feb 4, 2014
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Chip Chronister's profile image
Chip Chronister's profile image
Chip Chronister
  • Investor / Rehabber
  • from Fort smith, Arkansas
  • Member since Feb 4, 2014
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Chip Chronister
  • Investor / Rehabber
  • Fort smith, AR
30
Votes |
178
Posts
General Landlording & Rental Properties

financing rentals

Chip Chronister
  • Investor / Rehabber
  • Fort smith, AR
Posted

I have a few properties and now the bank wants 20 percent down and 6 months of payments per property in the bank to cover my payment just in case all of them go vacant at the same time for 6 months. How do they expect anyone to get a loan? What are you doing to finance your rentals? I am not interested in house hacking or the BRRR strategy.

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Steve Vaughan's profile image
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Steve Vaughan
  • #1 Personal Finance Contributor
  • Rental Property Investor
  • from East Wenatchee, WA
  • Member since Sep 19, 2014
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Steve Vaughan's profile image
Steve Vaughan's profile image
Steve Vaughan
  • #1 Personal Finance Contributor
  • Rental Property Investor
  • from East Wenatchee, WA
  • Member since Sep 19, 2014
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Steve Vaughan#1 Personal Finance Contributor
  • Rental Property Investor
  • East Wenatchee, WA
16,111
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Steve Vaughan#1 Personal Finance Contributor
  • Rental Property Investor
  • East Wenatchee, WA
Replied

Buying with seller-financing from tired landlords.  No shady land contracts, though.  Usually paying 6% for long terms (15+ yrs) with about 10% down.  No large reserve requirements!

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