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All Forum Posts by: Varsha Govindu

Varsha Govindu has started 1 posts and replied 1 times.

Michigan Real Estate Q&A Discussion Forum

Post: Looking to invest in a rental property

Varsha GovinduPosted
  • Saginaw, MI
  • Posts 1
  • Votes 2

Hi everyone!

I am looking to invest in a rental property in Michigan. I am considering some of the college towns in Michigan like Ann Arbor, Lansing etc. 

My concerns are: If I buy a place with the intent of renting, are the interest rates and down payments high on home loans? I have come across articles that say interest rates on home loans can be high as high as 10% to 20% if the house is not intended to be my primary residence. Is the best way to buy a rental property to start off as an owner occupant to get best deals on a home loan? And, how long do I have to be an owner occupant before I can move out and turn it into a 100% rental property?

Thanks!

2 Votes