Looking to get starting with rental property investing
Hello everyone! I am looking to get started with investing in rental properties. I am considering small multi family homes or single family homes. I am currently try to find my first deal and would love all the help I can get. Thanks!
Most Popular Reply
@Brandon Eike, on an investment property, most lenders will max out their loan at 75% LTV, which doesn't cover transaction costs, which are usually 5%-8% of the purchase price. And I don't know what the cap rates are in the area for SFRs, but I did a quick Redfin search for a small multi-family home in the area that's turnkey: https://www.redfin.com/VA/Richmond/1622-N-31st-St-23223/home.... I'd estimate you'd need to rent it for $1,900. Happy to answer any questions.