Updated almost 3 years ago on . Most recent reply
Help a newbie out
What's up BP! So I'm looking to get into an investment property within the next 60 days (🤞🏼) preferably a multi-family. My issue is, I'm stuck when it comes to knowing what course of lending to go with (I have excellent credit, no consumer debt) but don't want to break the bank and I currently live in my primary.
I have heard a lot of negatives about hard money lenders but I want to learn more about the process. Can anyone give advice,tips,experiences on HML, and would you recommend this for my first investment?
Appreciate ya🙏🏾
Most Popular Reply
Hello Mike,
I would look into conventional loans to compare with a HML. Conventional you have to put down 20-25% for investment property. But it depends on what kind of property you will be investing in. HML is more for flip deals not for long term rental. In that case conventional is better option. Start with getting pre approved for conventional loan. If you ware able to make your multi family your new primary thats another scenario to look into and go over that loan approval process. Hope this helps you start.