I recently graduated college and have been trying to learn as much as I can about investing in residential homes and duplex's. I am very interested in buying a duplex and living in one unit while I rent out the other. If anyone knows of a good source for investor friendly 2 or even 3 unit homes in SC or NC please let me know. I am not in love with what I am seeing online, especially on Zillow but I know there are great properties out there, especially in my own state of South Carolina. I just need a little help finding them!

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Comment by Shaun Tollman on September 11, 2022 at 9:00am

Dean,

With no proof of income, your high credit score will not make much of a difference. Sorry but that is the reality of lending. Proof of income matters. On an investment property, rates are higher. Rate will be around 9 to 10%. I can do the loan for you and set you up with interest only monthly payments to keep your payment lower. You would likely be looking at a 12 to 18 month bridge loan so you would need to be able to refinance to more permanent financing at that time but this would allow you to purchase the type of property you want right now. Submit tomorrow, get you a preapproval letter Wednesday or Thursday of this week so you can make offers. Just know that your loan would have a higher rate than you ask for. If you would like to move forward, send me an email and I will get to work stollmanfunding@outlook.com.

Have a good Sunday.

Shaun Tollman

Comment by Dean Westford on September 11, 2022 at 7:25am

I had a Realtor send me some off market properties here in South Carolina and drove by to look at a few. I am almost ready to start looking at finance options. The ones that interest me are in the $200k to $250k price range. I have credit close to 800 but it is beginner's credit due to my age. I can put up to 25% down. Can't qualify for a regular loan because no steady income but this will be an investment. Are there rental programs out there in the 7% area for a new investor, even 7.5 or so? I don't want a 10% rate or I will pay as much for mortgage as I get in rent payments. Any thoughts from someone that offers funding and actually knows about rates? Credit 780.

Thanks.

Comment by Louis Rosenberg on September 7, 2022 at 2:47pm

Dean,

I have experience in North Carolina but none in South Carolina. I once flipped a property in NC and used a great Realtor. She was a nice older lady with great knowledge and many nice properties she showed me. It was a good experience. 

If I can assist you with her information, or anything else just let me know.

Lou

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