Is there a loan I can go with that would allow me to buy a property solely for investment?- for example, would putting 20% down allow me to go ahead and rent out that property? Instead of owner occupied for a year.
@Emma Kellenberger yes there are loans for investment properties. Typically you need 25% down and the interest rate is slightly higher. Most lenders will not include the rental income and/or some will include 75% - question to ask them
Emma Kellenberger You need 15% down payment for 1 unit and 25% for 2-4 units under conventional loan or investment property.
Absolutely there is. There is FHA for owner-occupied investments, where you live in one unit and rent the rest, regular Investment property loans, and Fix-N Flip loans. And each of those has a rehab counterpart loan. There are plenty who will do 80% LTV, right now you are probably looking at 5.8-6.5% if you have good credit. Also DCSR must be positive 1.0+, preferably 1.25+. Best,
Thanks everyone! I am currently looking at a single family home located near Fort Bragg, NC. If I can I'd like to purchase and do quick a face lift and rent it out right away. We have the option of going with a VA loan. Recommend going with that loan?
@Emma Kellenberger you can go VA you must be an owner occupant. I suggest either purchasing a duplex to quadplex with your VA loan. Or purchase a SFH that would work as a rental assuming you were to rent it out at the current expense #s vs likely rates; include property management as well. Then when you PCS from Ft Bragg you can turn it over to PM and use it as a rental.
I have known several NCOs and Officers that purchased a SFH at each of their duty stations; handed them over to PM and finished their 20 years with two sources of passive income.
Highly suggest you look at the southern pines area if there are any deals; that is where you find the majority of the higher BAH earners going.
@Jared Viernes , thank you very much for that information! I will be sure to look into it.
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