Buying first investment property - Lending Help / Options
Hello Everyone,
I just bought a home in the Pontiac, MI area. First home, with a conventional loan, 4.1%.
I am looking at my first investment property. 2-4 plex in the <$100k range (which there are several).
I am looking for advise on obtaining a loan for this property and a wondering what my options are.
Can I go to the bank and ask for a new loan? I doubt they would write a pre-approval because with my current loan I wouldn’t qualify.
Hard money is too high of an interest rate for a buy and hold.
I know securing private funding is the best option, but may not be on the table right now, and would like to find a creative way of buying the home using financing.
Are there banks/financing options that look purely at the investment?
Thank you all for your help!
-Doran