30 year loans for BRRRR method

[Kyle Robarts]

Hey all. My wife and I are ready to move forward with purchasing our first property with the BRRRR method in mind. However, when talking to banks we are struggling to find anyone that will do a 30-year loan a rental property. Does anyone have any advice?

While a 30-year loan on the front end would be nice, I am more concerned with having a 30-year term after the rehab during the refinance process.

Appreciate any feedback.

[Steven Foster Wilson]

Originally posted by @Kyle Robarts:

Hey all. My wife and I are ready to move forward with purchasing our first property with the BRRRR method in mind. However, when talking to banks we are struggling to find anyone that will do a 30-year loan a rental property. Does anyone have any advice?

While a 30-year loan on the front end would be nice, I am more concerned with having a 30-year term after the rehab during the refinance process.

Appreciate any feedback.

You are not talking to enough lenders then. Hop on your phone and call 10 lenders in your area, call until one says they do investment properties, if they don't, ask who they recommend. Here in Ohio I am getting a 30 year at a killer interest rate for an investment property. Through a local credit union.

Now this may not be the case if you are looking into 5+ units, then you will need a commercial loan.