97% LTV with PMI. Good or bad idea?
I am currently looking for a mortgage on my first rental property and I don't want to put any of my own money into it at all. Whereas I would love to cover the rest of the 20% with a partners investment, I found out that some banks will lend 97% LTV with PMI and I was wondering what your thoughts are on this. Also I would plan to refinance into another bank ASAP hoping to wipe the PMI raising my cashflow if that is even possible. Again this is my first investment property and I just want to get started. Thanks in advance for any info!
PS I plan on renting by the room so my ROI and monthly cashflow will be pretty insane. Pretty excited about that.
-George