Trying to get my first rental
Hi I struggling to find properties in my area that will actually cash flow positive with all the recent rate hikes for a rental property loan with 25% down I am still looking at 7.99 with a point. Am I better off waiting for a rate drop or till I can put more down? Or should I start looking into other strategies. Right now I only have enough to look at condos which don't have much appreciation due to my price range.
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Hey Spencer - rates are definitely tough right now, but you may be able to find a better rate than 7.99, have you shopped around? Also, have you looked into the BRRRR method? This is a way a lot of investors have handled the higher rates, buy buying right and forcing appreciation through rehabs, which can then ideally create more cash flow opportunity.