She was a three unit small apartment located in a great location, with stable tenants, and an ugly paint job.
This triplex, which I call “Cherry Street” was close to becoming the newest addition to my growing rental portfolio, but with Cherry Street I was about to do something I had never done before: Take out an investment property loan.
You see, before Cherry Street, I had only used conventional home mortgages, seller financing, and hard money lenders to invest in real estate. However, Cherry Street was purely a cash flow beast that I was hoping to buy, re-paint (please!) and hold on to for retirement.
However, as I began shopping around for a mortgage, I quickly realized that the process was not going to be the exact same as it had been in the past. What I soon realized was that investment property loans are slightly different than your typical home mortgage in several ways (but similar in several ways as well.) The information below contains a lot of the things I learned in my quest for the best investment property loan, and enabled me to get a great loan, with a great rate, from a great lender. It is my hope that this article does the same for you.
This article is going to look at exactly what an investment property loan is, the difference between and investment loan and a typical mortgage, tips for qualifying for an investment loan, and where to find the best loan for your real estate investment.
READ THE ENTIRE ARTICLE HERE: http://www.biggerpockets.com/renewsblog/2013/06/21/investment-property-loans/