A good rule of thumb is to ensure that the tenant’s income is at least three times the monthly rent to ensure they can comfortably afford it.The process typically starts by collecting a rental application from the tenant that includes personal details, employment information, and rental history.

That is something we typically ask for if they don't have a SS.

It is typical though because when you use a "loan officer" you are using a "lender" who essentially is the middleman.

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

These properties are typically bought by individuals or families who prioritize location, size, and condition, making the comparable sales method more reliable.Income potential still matters, and calculating the NOI can help you ensure the property cash flows well if you plan to rent it out.

For hurricane coverage the percentage deductible is typically done in percentages though, with 2% being the norm.All the best!

Private lenders typically offer more flexibility than traditional financing, which is great when you're just starting out.

I've typically asked my agent to pull comps in the area and then look VERY closely at their condition and sales price.

There are some solid advantages here: new construction typically means lower maintenance costs upfront, modern amenities that attract quality tenants, and potentially higher rental income.

A fair interest rate for seller financing typically ranges between 4% and 6%.