Advice on Financing for First Investment Property
Hi BP Community,
I'm looking to purchase my first investment property and trying to figure out what the best financing route would be.
My plan is to buy and hold so I would want to get into a multi-family property for low out of pocket funds now and house hack for a year or two, do a cash out refi, and use that for a down payment on another property and repeat the process. After searching the forum for a few days I started to get some ideas but not sure what the best route would be. Some of the options I see are Freddie Mac's Home Possible loan, Fannie Mae's Home Ready loan, or go through a local lender for a Portfolio loan.
I'm not sure what the advantages/disadvantages are between them though. If anyone could provide some feedback or any experiences you had with any of them I would greatly appreciate. Is one better than the other as a first mortgage to start with?