Getting approved for first rental property

[Greyson Calem]

I’m looking to purchase my first rental property (preferably multi family/duplex) to start generating some cash flow. I currently own a home (3 bed 2 ba) and rent out the other two rooms to help out with mortgage payments. I have good credit (740+) and a pretty good amount of cash saved up. I’m just shy of having enough for 20% down on most decent properties. My question is whether or not it’s possible to get approved for a loan with less that 20% down on a property that will not be my primary residence? From research it seems like most people get started by owner occupying their first property so they can put down 3.5%-5%. I already have a primary residence and don’t want to move out or convert it to a rental. Looking for a creative strategy to get financed on my next move. Thanks!

[Stephen Brown]

Hard money loan funding institutions will lend you more than 80% LTV but the interest rate is higher. :)