The lender wants to run your credit score to determine whether you're Dilcia Morales or not.

One had been rented by the same couple for 7 years, one needed to be cleaned and some repairs, and the other had been in the middle of a remodel when the original owner died and his 4 daughters who couldn't agree on what day of the week it was decided to sell.Based on the square footage (2024) alone, I got a great deal. 85,500 with 10% down and 10% interest.

Are you paying more in origination costs in exchange for not having a prepayment penalty?

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

Many lenders generally have a 1-year lookback window where things will change as soon as its been 12 full months without a mortgage late (then will essentially no longer be a penalty besides any effect on FICO score)

Originally posted by @Brandon Morris:I don’t have any experience with them personally but can vouch for Sterling from Ethosity Property Management. 

If you are buying a turn key and do not expect to take cash out for a few years just gauge that on your prepayment penalty years.Rates vary depending on credit scores, LTV, DSCR ratio, Loan amount, Property type, number of units.Good news is rates have been dropping so DSCR may not be a bad option if you buy and simply refinance in 12-24 months.

I've had investors that come to me originally looking for multis in Baltimore end up switching to SFRs because there's a bit more to choose from, and a decent SFR is better than waiting a year for the right multi.

I recently purchased a rental property and discovered it needs more extensive repairs than I originally anticipated.

. :) We are very competitive our products. 780 score ,25% down DSCR rates 6.875%, 30/30 Interest Only, $5027 IO, if 5 year prepay, No points.