purchasing my first investmnet property
hello I am going to be closing on my very first investment property in Everett, MA. it is a 3 unit building all rented and have had the tenants screened and leased for the year. my question is are loan rates for investment properties higher than owner occupied properties? I got a rate of 5.375% on a 500K loan, is this high? my monthly income on the property will 5400/month
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Franco, congratulations on your first deal! I would be looking to increase rents soon. Your mortgage payment will be around $3400 only leaving $2000 for property taxes, insurance, repairs, capital expenditures, and vacancy. That's pretty skinny. Even $100 per month per tenant would be helpful. Hope that helps.