Getting financed for rentals
What would be my best option for getting financing right now to buy a SFH that I'm going to rent out. I have a 685 credit score and cash to put into the deal. I'm looking at properties that cost 50k or less and need very little rehab to be in rentable condition.
Most Popular Reply
As Scott said, a better score is definitely beneficial. But, that said, if you have steady income to go along with that credit score and some cash, you shouldn't have too much trouble qualifying for a conventional loan.
Walk into any major bank and ask if they can help you...they should be able to give you an answer in a few minutes.
Of course, small, local banks are always my recommendation, so perhaps stop into some of those as well -- and make sure you bring a copy of your business plan and financial statement...