Ready to start shopping for my first investment property. Thought I would start by asking about the financing end of things...

[DA Clark]

I own the house I live in (really my mortgage company does) and I think it is time I start investing. I am posting because I want to start looking but I have questions like how much down will I need, range of potential interest rates, should I rehab or purchase something ready to be rented out? My qualifications are that I have a salaried job where I have worked for 11 years and gross $110k a year, very little debt other than my mortgage, freecreditreport.com says my scores are 717, 702, 753. I don't have a huge amount of liquid cash sitting but could probably scrape up $60,000 for a down payment if I must. 

I look at how much my own home has improved in value since I purchased years ago and it is crazy that I have not started investing sooner. Are there any lenders or very experienced mortgage brokers that could comment or message me so I know if I will qualify? I assume income and credit are fine to buy another house and rent it out but I can't pay more than $60,000 down and I want to know if that is enough? In my area a nice house is less than $300,000 so that would be about 20% of the purchase price. Also wondering where my rate would be so I can figure out if what I rent a house for will be enough to cover or almost cover my monthly payment on whatever house I buy?

Appreciate any advice from the professionals here.

[Admin]

Hi Mr. Clark.

My name is Monty Yeager. I own this website. Here are answers to your questions:

20% is all that is required to purchase a single family investment property. 

Rate for a DSCR loan (debt service coverage ratio) would be 7.375% as of last Friday's rates. To figure out what the amount you would be able to likely charge a renter, you will want to speak with a local property manager and just ask what they would recommend charging for a particular address. You will definitely want to consult with a Realtor, and I am happy to refer one to you. Just message me here on this website.

You are welcome to contact me here on the website or email me at [e-mail]. My phone number is 208-794-7430. I am happy to answer any questions you may have, and if you need a prequalification letter so you can start making offers on local homes there in Arkansas just let me know. A seller will want a prequalification letter stating you are good to go with financing, before they will consider accepting your offer to purchase their property. Easy process. Give me a call and I will walk you through it.

Have a good Sunday.

Monty

[Simmy Ahluwalia]

Hello DA, Monty's comments are spot on.  Also, keep in mind, other than the 20% down, you'll need about another 4-5% in loan fees, underwriting/processing and closing costs.  And, you'll need to have about 3 months of PITI in reserves.  So, you may want to revisit your overall purchase price.  Another alternative is to source a property that needs work, rehab it, then cash-out refinance after and pull your equity back out.  This is the BRRRR methond.

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[DA Clark]

Just letting all know that I now have my lender and am about to start shopping for a property. Thanks to everyone that commented and sent direct messages to me. It was good to see so many wanting to help with this.

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