Updated over 6 years ago on . Most recent reply
Seeking my first rental property
I'm currently seeking my first Rental Property. However, I more likely will not be able to produce the full down payment to make a purchase. I haven't found anything yet, but currently doing research.
(I have more than one question)
Wouldn't it be better for me to get preapproved before seeking out property for purchase?
Also, I have a few acres that's paid for, that could possibly be used as collateral for a down payment towards a purchase. Will the bank let me do this?
Is it recommended to use local banks or credit unions to make a purchase? If not who, or what's the best lenders that are easy to deal with and not high interest?
How do I convince the lender that this will be a business investment, and not another personal mortgage, since I have a primary mortgage already?
By the way my (credit) is good.