The Rookie’s Quick Guide to Financing Rental Properties
ฝัง
- เผยแพร่เมื่อ 26 มิ.ย. 2024
- Financing rental properties is a common roadblock that prevents many rookies from investing in real estate, but finding a great lender doesn’t have to be difficult! We’ve got some timely tips, tricks, and tools that will make funding ALL of your real estate deals easier than ever!
Welcome back to the “Real Estate Rookie” podcast! Today, we’re bringing you part one of a three-part miniseries on the fundamentals of funding. We’re joined by investor concierge at BiggerPockets, Joe Coleman, who shares some of his best advice for financing your first (or next!) rental property. In this episode, he peels back the curtain to reveal some of the nuances of financing-including when to start engaging lenders while analyzing rental properties and how to find an investor-friendly lender.
Wish you could compare several loans at once? Joe shares a powerful tool that will help you do just that. He also talks about the differences between consumer-purpose and business-purpose loans and why you should be familiar with the different types of lenders and loan products that are available. Finally, stick around until the end to learn about the ONE question your lender doesn’t want you to ask-one that could help you save thousands of dollars on your investment property!
Find an Investor-Friendly Lender to Fund Your Next Purchase: biggerpockets.com/findlenders
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Join the Real Estate Rookie Facebook Group:
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Find an Investor-Friendly Agent in Your Area:
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Find Investor-Friendly Lenders:
biggerpockets.com/findlenders
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Property Manager Finder:
biggerpockets.com/findapm
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Real Estate Rookie 335 - 8 Rentals in UNDER 1 Year: A Rental Property Financing Masterclass: www.biggerpockets.com/blog/ro...
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The Comprehensive Guide for Financing Your Very First Real Estate Deal: www.biggerpockets.com/blog/fi...
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Connect with Joe on BiggerPockets:
www.biggerpockets.com/users/j...
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Connect with Ashley and Tony on BiggerPockets:
Ashley: www.biggerpockets.com/users/e...
Tony: www.biggerpockets.com/users/t...
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Connect with Ashley and Tony on Instagram:
Ashley: @wealthfromrentals or / wealthfromrentals
Tony: @tonyjrobinson or / tonyjrobinson
Show notes at: link.chtbl.com/Rookie
00:00 Intro
03:53 WHEN Do You Need a Lender?
07:26 Common Financing Misconceptions
11:50 Different Types of Lenders & Loans
20:08 Loan Requirements & Speaking with Lenders
28:26 The EASY Way to Compare Lenders
39:01 Lock In Your Interest Rate!
![[UNCUT] ฝันรักห้วงนิทรา | EP.8 (4/4)](http://i.ytimg.com/vi/RDYJYiDwsj0/mqdefault.jpg)
I applied for 6 or 8 lenders, most in a 2 week window, but all within a month. They all stayed in my credit report for 2 years.
Damn! Why?
@@Someonebutnoone10 that's what I want to know, even the lender I close with, run a new inquiry and both inquiries were shown in my credit report. That drag me down heavily those 2 years. I recovered now. But don't trust that advise that it won't hurt you to run different inquiries.
No, you should have reported that. The rule is true they're not supposed to count as more than 1, even if you see them on the report.
ALL new inquiries will show in your credit report regardless and will remain for 2 years.
Awesome content! Locking your rate can really provide financial security and peace of mind during the financial process.
How would we know our window of time (I believe someone said about 45 day) we have to get funding/find a property whereas it’s not constantly impacted credit ?
Good stuff, thanks!
What/who is the "CSPV" or whatever acronym you spoke about (25-26 minute mark in the video ?
Consumer financial Protection Bureau
CFPB
Is there lending for people that no longer have a paying job? (Retired)
I'm sure. They'll consider any income you have I guess from your retirement if you have one.
@22video11
The short answer is yes!
Are you looking for an owner occupied property or for a rental? If it's non-owner occupied then there are many Business Purpose Lenders that usually do not need W2 income. For example loans like DSCR, Fix and Flip, Private Money, Hard Money. There are also bank statement loans you can get for owner occupied properties if you have an income from other sources and in theory you may be able to use a conventional loan if you have a special circumstance like if you can get a cosigner or qualify with a different type of income.
lookup DSCR loans.