Hi All, I am looking at a great investment property plus land I would like to grab however not sure if the banks would finance it. I already have a house that I currently live in but not sure if the bank would let me do another loan for this property. All advice is welcomed!
New to this!
Regarding your investment property. The great part is in the eye of the beholder. In other words you are able to get conventional (personally) loans up to three properties (some institutions will go up to ten. However, the numbers for the investment property must be appealing to not just to you but to the lender. In addition if you buy the properties under an LLC or other entity many times personal guarantee (credit is not an issue) assuming that the property meets certain value.
Here on BP there are many lenders (private and non bank) that will be glad to assist you.
Best of luck. Make sure that you prepare all of your numbers so that you can have adequate help with your financing needs.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you