First Time Real Estate Investing Financing
Good morning,
I am looking to purchase my first investment property (specifically in Noblesville area) for a buy and hold strategy in the $50K sales price, but have ran into some issues/questions regarding financing. I can pull a HELOC for approximately $30K and want to see what my options are. If anyone could assist with answer the below questions and/or could suggest a lender, I would be very grateful.
I have been advised by a couple of lenders that the minimum they will loan is $50K. Are there any lenders/credit unions that would lend less? Say $30K?
What does it take to finance a rental property such as cash reserves, closing costs, add-ons, etc.?
If I get a HELOC, is there a time frame the cash must be in my checking account prior to being considered for the down payment?
Are rental incomes considered in debt to income ratios?
What is the process on lending to LLCs? As in which lenders will lend to LLCs with personal guarantees because the lenders I have spoken to have advised only individuals?
If there is a wholesale agreement for a property, is it possible to still go through a lender to have the property assigned or must it be a double closing?
Thank you,
Brandon