Updated over 11 years ago on . Most recent reply
Advice needed on second rental (Different Strategy)
For my first rental I bought an A+ condition property and only had to put 3k in it to rent. It was a good deal and I am happy with the purchase, however I want a BETTER deal the second time around!
As you know, many posters on this site buy distressed properties fix and hold because the discount is better. This is what I want to do, but I have some questions...
1. What type of loan would work best on a fix and hold investment property? Lets say a property that I need to put 20-30k into it. I was reading about 203K loans until I realized that it is only for owner occupants. The reason I ask is because I do not want to put my own money into a sizable renovation.
2. What are some key considerations and differences that I have to account for using this type of strategy?