Saving up for a new rental property. The previous 4 properties I purchased were through a family member so I payed him monthly at a agreed interest rate with about 10 percent down.
I currently have about 15k at my disposal and looking at a few potential houses that fit what I'm looking for. (Middle class family starter homes). I'm in Louisiana so houses are on the cheaper side. The homes I'm looking at are in the 85-100 price range. Some 3b 2ba and a few 3b 1ba. Neighborhood Comps are renting from 900-1200 The one I really want is a nice 3-1 that I would offer 89-93 max. Should rent no problem for 1k. Curious what my loan options are if any besides FHA and Conventional. I pretty much refuse to pay PMI so I'm guessing putting 20 percent down is my only option?
I’ve got a lender out in the Mandeville area that can do a conventional for a rental at 15% down, but you’d have that pmi you don’t want to pay. That’s the reason we just did 20% when we bought ours with her.
Have you considered portfolio loans?