I'm looking to buy a rent house in the next year. Does anyone on here have any recommendations on a good company to get a loan through? Any advice is greatly appreciated!!!
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Originally posted by CoachS View PostDo they service loans in the San Antonio area? Probably just going to finance the purchase. RingSteel what type of loan would you have to have to fund purchase and rehab?
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Originally posted by CoachS View PostDo they service loans in the San Antonio area? Probably just going to finance the purchase. RingSteel what type of loan would you have to have to fund purchase and rehab?
It's a method to acquire rental property with less of your money out of your pocket.
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I have financed all of mine through a local in-house lender. Rates are not as good, but the out of pocket savings up front (thousands of $) and easiness of transaction is well worth it to me as I pay my rental property notes off as quickly as I can by throwing extra principal at them each month.
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Originally posted by RingSteel View PostA "hard money loan" is a short term loan that lends up to 75% of the After Repaired Value. You can use the loan to buy the house and pay for the rehab. Immediately after the rehab is complete, roll into a conventional mortgage.
It's a method to acquire rental property with less of your money out of your pocket.
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