Ready to get my first rental, but I have questions!!!!
hello,
I am interested in purchasing my first rental property which is a duplex. I believe I have a decent chance of obtaining a loan however I would like a better idea as to whether it is possible and what to expect.
The asking price is 70K.
Both sides currently rented at 537/mnth. Mkt rent is 630.
I would like to buy at hopefully no more than 60K.
I do not want to put anything down (not sure if this really is possible but I hope so). If I need to put anything down, I could do $2000 cash. Or takw out another loan for thw down ppayment.
I have a 754 credit scrore.
I have 1200 in debt but I do not have mortgage or rent to pay.
Gross monthly income around 2.5K.
I own a condo free & clear which currently values around 28K.
Before I apply for any financing, I would like info on:
Does anyone have an idea on if I may obtain financing based on these factors?
What is the benefit of telling financial institutions I want to purchase an investment property vs a primary residence. With a duplex, could I even convince them that I will reside on 1 side & rent the other? Even if I really don't plan to. If I don't, I'm pretty sure financing is a lot more expensive for an investment property.
Is it common for duplexes to have HOA fees?
Is there any way I can determine term options on a loan before being pre-approved? Meaning, if I only want a loan for 60K, what are the chances of me being able to get a 30 yr. Term?
All responses are welcome. Thanks in advance.