Rental Investment in KY - Loan advice requested
Hello BP members,
I am a new BP Pro member myself. I bought my first house in 2017 and got a great rate - 3.75% and 0 points. Now I am looking into the Northern Kentucky Market for rental properties in a buy-and hold multi-family approach (but still under 4 units per building so as to avoid commercial loans).
I have found a few properties I am interested in that cash flow well and I have found a real estate agent and property manager I am comfortable with. Now I am communicating with a mortgage lending company that is offering what is seemingly high rates. 5.75% with $1,240 lender fees. Is this really what the rates have risen to or am I being taken? How valuable is shopping around and reaching out to small credit unions for multi-family out of state purchases?
I appreciate any help and guidance people can give.