Looking to buy my first investment property. What are my financing options? How do I find a Realtor who knows how to work with investment properties?
I've been reading up on property investment for some time, and have talked to friends who have some experience, and I think I'm ready to take the plunge into becoming a real estate investor. And now seems like an excellent time to buy with good values on the market and rates as low as they are. I'm currently looking in West Peoria mainly, and would like to buy a single family residence to use as a rental property. I already have a potential renter lined up, so I would have immediate occupancy.
What are my financing options? I'd prefer to try to go with a lower downpayment, less than 20% if possible. I've been looking at Home Path through Fannie Mae, which seems like an option, and only requires 3% down, but I'm not sure what else is out there for a first time investor.
Also, how do I find a Realtor that has worked closely with investment properties that might be able to help me spot value and negotiate a good price?
Mike, you have some good questions and concerns. I have rental property and I am glad I "took the plunge" as you say. Typically, most lenders will want 20% down on investment properties. I can give you the name of a couple good local lenders that will treat you fairly and give you a competitive interest rate. If your credit is real good, you might not have to put down 20%. I am a Realtor and can show you and help you find some homes in W Peoria that might make a good rental for you. I have 18 years experience selling Real Estate. Let me know if I can assist you.
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