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Kevin Tunnell
  • Rental Property Investor
  • Napa, CA
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First real estate purchase is a rental?

Kevin Tunnell
  • Rental Property Investor
  • Napa, CA
Posted Jan 26 2022, 15:34

Hey guys, looking for some advice here. Where I live in California, it just simply isn’t realistic to buy anything with the salary I make currently. I live at home rent free and I know I want to get into the real estate game ASAP especially while interest rates are low seeing as they may rise soon. I was looking into purchasing OOS, particularly in the Georgia/Tennessee area.

My question: 

Is it frowned upon by banks or loaners to have my first purchase as a rental OOS? Or would it be okay considered my down payment would be well over 20% and the total loan amount would be less than my annual salary because of the cheaper real estate? 

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