@Chuck WardCan you afford the home if it were conventional financing and you had to convert it to a long term rental?

Do I raise the rent and make $600 a month on passive income, keep the property and chance this home not appreciating much more bc of what's currently happening in Florida with excess amount of inventory sitting there?

Question is - is that the appropriate financing lever, or should I get a conventional FHA as it would be my first purchase?

Question is - is that the appropriate financing lever, or should I get a conventional FHA as it would be my first purchase?

I'm sure you've seen but rents are still pretty high in NJ which means tenants are having a tough time with short inventory.

The property was purchased through a LLC so a conventional loan isn't an option for us.

At least we're a company with redundancies to make this happen very very rarely, and with enough inventory to make it not the end of the world. 

Hey BP Fam, two questions for you. 1st question; is there a huge difference in the rate for a conforming conventional loan for an investment property vs primary home?

I'm sure I would need a private/hard money lender before being able to refinance the property with a conventional lender to obtain funds for the home.

Inventory is historically low so there's little to choose from.