OOS investor looking to buyfirst SFR rental property in OKC

[Michael Judd]

I am refinancing my primary residence in WA state and closing is today. My original plan was to continue to occupy my home for minimum required time and then buy an new place and rent mine out. I was in a 15 year loan with a $2,200 payment and my new payment will be $850. The new low payment would have allowed me to rent the place out for a decent cash flow. While researching the topic of renting my place out I have decided instead of renting my place out I want to buy some out of state homes to rent out instead.

My question is how long will banks require me to wait to take out a mortgage for my first investment property? My debt to income ratio is less than 10% and credit score is above 800. I plan to put 20% down and would like to buy around 5 SFR's in the OKC and or Tampa areas over the next 2 years.

Also what interest rates could I expect to pay for properties in the $100,000-$150,000 range with 20% down? I would love to make some connections with realtors and property managers in OKC who would be interested in working together.

Thanks in advance for any input.