First Time Real Estate Investor Morgage Help?
I am a first time investor although I did put together a deal on our first home. Anyway when we bought our first house in 2011, we paid 200k+. Now the house is worth 320k+ .I want to pull out equity and buy an investment property. I did find a new construction house for 310k+. Essentially I was looking to do 3/1 , 5/1 or 7/1 ARM so i don't have to put down more money and mortgage will be reasonable . The house will easily rent out for 2000$ /month. After the rental company cut , I may end up with 1800 and with mortgage around 1500+ in ARM , I can be in safety net for 3-4 yrs and refinance to conventional. I have no intention of selling and wanted to maintain it as rental. I am looking for suggestions in terms of what mortgage to choose . I don't want to put down more than 20k.Eventually register the property under LLC .Any inputs.