Buying a rental in socal - mortgage question

Buying a rental in socal - mortgage question

Investor · Pope Valley, CA · Member since 2014 · 108 posts · 15 votes

I own 9 rentals in the midwest, and want to buy my next one in my backyard in socal. I don't plan on living in it.

1) Can I get a regular residential mortage on it (with normal rates and down payment), or do I have to get an investment type mortgage?

2) Are there any legal time limits with how long I have to own it before I can rent it out, or anything I should watch out for like that?

3) Can I get an FHA loan for this?

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  • Indianapolis, IN · Member since 2017 · 12 posts · 3 votes
    9y

    1. I think you can get up to 10 mortgages before you start having trouble getting loans.

    2.if you go conventional, you can rent it out immediately.

    3. You can get a FHA loan but then you would have to live in it for a year.

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