This will be my first rental property , I need advice , should I get a loan from the bank ? If so I’m located in Florida what banks should I go to that will have less interests ? I personally heard private lenders are better but I don’t know any.. If you know a private lender , would you recommend one in Orlando/ Florida to help me ?
You want to go with a conventional loan. A private lender or HML will have very high-interest rates and fees. Go to your local bank Chase, Bank of America and start your pre-approval process there.
You should definitely try to get pre-approved by a couple banks whether they're local, national, ect. Make sure you get a closing cost breakdown from each bank and then negotiate/compare them with the others.
@Sarah Wade If you’re new to real estate investing and need a loan to acquire a property, I would approach the smaller banks or credit unions, as they will be more likely to earn your business as opposed to the major banks that have lots of red tape and obstacles to go through. Also note that if you’re doing this for business purposes and looking to accumulate a portfolio of properties, you should go for the commercial loan as opposed to residential, and be ready to put roughly 25% down. Stay away from Private lenders at this time as these guys should be leveraged for certain real estate strategies that you will have down the road as you grow your business