I would like to start investing in real estate and a fourplex seems like a good idea. What is the best way to finance this? I have a house with good equity, but im not sure how they qualify you for rental property. If the unit has renters in it, does that help you get qualified? Thanks!I am looking to buy a fourplex to rent out. What is the loan process for something like this?
It's the same as buying a single family home for 1-4 units, you'll want to have a good fico score and about 10-20% down and some reserves to show you can make the payment for 3-6 months if the place sat empty.
Rental income is considered as part of your income but you need to factor that at a 75% vacancy rate.
If you're in California I can give you more help but the laws vary from state to state so you want a local licensed Real Estate person to help you with a game plan...I am looking to buy a fourplex to rent out. What is the loan process for something like this?
Find a buyer's agent to work with you.
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