Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Rental Basics in Folsom : Real Estate Advice

  • All147
  • Local Info7
  • Home Buying65
  • Home Selling4
  • Market Conditions5

Activity 1
Thu Oct 15, 2009
Nancy & Nader Fard answered:
It is very hard to get qualified for a new loan these days, but if you can get one why not get a loan on your personal residence and considering purchasing another rental home, since your interest rate on your rental is very low keep the existing loan. Also, if you can qualify for a new loan, why not get one, since current interest rates are low? I just purchased a house for $60,000 and it pays $1400 monthly rent.
I would first talk to your tax adviser, then call a loan officer to see if you can qualify for a new loan on your personal residence. Use the funds to purchase another rental with cash, under $200,000 with high rental income.
Note: I have lived and worked in Folsom since 1986, we might be neighbors !


Nancy K. Fard
... more
0 votes 7 answers Share Flag
Search Advice