Hello all, My name is Brien and I live in Mississippi. I am looking to investing into some rental properties. I know very little about all this and am looking for any help I can get. First question, are there lenders who loan money for rental properties on 30 year loan or is the most a 15 year loan?
Thank you all, I look forward to learning more and more from this place.
@Brien Ables , welcome to BP. Yes, there are lenders who loan out on 30 year terms as well as 15 year terms. Alright, next question :)
@Vi K., thanks! Can you point me in the direction to these lenders. My local bank says they can't do 30 year terms on investment property.
@Brien Ables , you better off dialing for dollars. When you call mortgage brokers, banks and credit unions, you are able to build a relationship with these companies and contacts which will help you tremendously later on.
Find a local bank and schedule a meeting with a loan officer. Tell them your plan and ask what products they offer. Do this for several banks. See who the local investors use. Sometimes you'll need a different officer in the bank. If you hear the word can't, keep moving. They can. Good luck.