I hear people say you can do so many residential loans on investment properties. Most of the banks & credit unions I talk with will not offer a residential loan on a property that I’m using to rent out. This is my first investment property and I need to do a cash out refinance on it to pay back the heloc on my primary home. Where can I go to get low rates and will allow me to do a residential 30 year fixed loan?
The residential loan on an investment property plan most people talk about is…
Buy a new primary, move in to it for a year while renting out your old primary. Buy another new primary and rent out number 2. Buy another new primary rent out number 3. Etc etc. This gets you the lowest downpayment and the best rate.