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Brandy Morineau
  • Real Estate Professional
  • Bluffton, SC
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7
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Portfolio Loan - Is this a good deal?

Brandy Morineau
  • Real Estate Professional
  • Bluffton, SC
Posted Apr 30 2017, 18:56

I am looking to buy my second vacation rental property and have come across a rental property that is turnkey and seems like a great deal.  Good rental history, walk to the beach on Hilton Head, fantastic amenities.  Unfortuantely, this is my third property after my primary residence and 1st investment condo, so the only financing I can find so far is two local banks that are offering portfolio loans on a 3, 5 or 7 year fixed interest rate amortized over 20 years at 4.9% interest rate.  How do I figure this into the BP calculator?  Having a hard time figuring out if I can afford this or not?

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