If you are a landlord whose main income is from a rental property it is likely that at some point you may like to expand. Right now interest rates are still low but as the housing market continues to improve it will become more expensive to buy rental properties in the near future. Therefore, if you have a desire to expand getting the right financing can help you buy the rental property you need to build your income. Jennifer Acosta from Bankrate.com has several tips for financing investment properties.
Put Down a large down payment as putting down at least 25% may qualify you for a lower interest rate’
Check your credit score because if you have a credit score below 740 you will pay a higher interest rate. In addition, having cash reserves in the bank for each of your rental properties will make a look like a strong borrower
If your down payment is that big then go with a smaller local bank as they will be a little more flexible
If you’re looking to buy new rental properties do not forget to do your research. Getting financing might enable you to buy the property but you want to make sure you’re going to make money off of the property. Therefore, make sure that you’re investing in a property that is not located in a high vacancy or declining city, and that the property is in good shape. Once you have more than one property and multiple tenants you may find that you are using an obsolete property management system. RISSOFT building management software can help you manage multiple properties with ease. Unlike other software for property management RISSFOT’s building management software is customizable to fit you needs no matter how big or small.
This post is provided by RISSOFT Residential and Commercial Property Management Software, specializing in innovative and cutting-edge property management software for all 50 states. Request a demo or contact us today to receive more information.
Disclaimer: The information provided in this post in not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.
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