Real Estate Broker · Miami, FL · Member since 2014 · 17 posts · 2 votes
7y
@Jason Chambliss
With a rental property as long as the rent will cover the mortgage you can get another loan. Usually the bank would want about 15-25% down make sure to reach out to some investor friendly lenders I can introduce you to some if you need. Can also try your local banks/credit unions every market is different sometimes those can be very helpful.
Real Estate Broker · Miami, FL · Member since 2014 · 17 posts · 2 votes
7y
@Jason Chambliss
With a rental property as long as the rent will cover the mortgage you can get another loan. Usually the bank would want about 15-25% down make sure to reach out to some investor friendly lenders I can introduce you to some if you need. Can also try your local banks/credit unions every market is different sometimes those can be very helpful.
Rental Property Investor · Bath, ME · Member since 2014 · 220 posts · 288 votes
7y
@Jason Chambliss - Why not use the same lender you just used for your primary residence? If you have a good relationship and financials, using the same lender is only going to make the process smoother.
If you're going to buy another single family with conventional financing, any bank is an "investor-friendly" lender. Conventional financing is a tight box, and all lenders follow the same script in terms of qualification.
If you have the financial wherewithal, it won't matter that you just bought a house. But just remember to do things in order:
1) Determine your personal investment philosophy
2) Identify a market with positive fundamental demand drivers
3) Build a team of experts (agent, lender, property manager, contractor, CPA, real estate attorney)