Updated over 2 years ago on . Most recent reply
Loans Question - starting out
Hi!! I am just starting out and looking to invest in Memphis. I have been talking with Dean Harris & Taz. I need to reconnect as the holidays were crazy. That being said, I want to start out conservatively as I will be a long-distance landlord. I currently reside in South OC (SoCal) and own my house. I am looking out of state because I do not want to be a landlord here as it is expensive and not landlord friendly.
My question is…should I get a Portfolio Loan as I would refinance in a year or so? I would not want to tap into my equity in my house, 401k or my savings. I guess this would be coined as creative financing? What are the disadvantages? Advantages?
Also, could I take a portfolio Loan on a second home?
any advice and/or suggestions are welcome.
Thanks!
Most Popular Reply
Really any loan will take into account your rental income…. If the money down isn’t the issue, honestly talk to some lenders to find out what loan product works best for you. It’s a public forum so I don’t expect you to post your financials. So work with a lender.
Unless there is a specific issue (you mention “situation,” but not sure what that is) with your financials, any residential lender can originate the usual conforming loans