All real estate investors realize that buying a rental property, be it a condo, a duplex, a triplex or a fourplex in a great area, can be a reliable way to generate additional income every month. While a few investors would rather use their savings to finance their investments, others go with Douglasville rental property loans. Yet, if you happen to be self-employed or have a poor credit score, you may find it hard to get a regular lending institution to approve funding for your upcoming purchase. Also, a bank loan approval process is prolonged and drawn out, which makes a fast closing almost impossible. But getting a mortgage loan for a rental property isn't as challenging as you might imagine.

Countless private financial organizations or individuals offer rental home loans in Douglasville, which may be used by investors for purchasing a new investment rental property or in order to refi a preexisting mortgage. As an alternative to the individual's source of income or credit score, these loans, which have reduced term lengths of six months to three years and interest rates starting at 10%, tend to be determined by the specific home's power to earn a steady income, an outside assessment of the property, and in some cases, the borrower's practical experience with property management. Douglasville rental property loans aren't merely easy qualifying, but are additionally fast closing — as a result you don't have to allow another investment to slip through your fingers while you wait for a bank to say yes to your loan.

For instance, a self-employed real estate agent in South Carolina recently contacted Read Rock Capital for rental property financing to buy a single-family home. The type of her employment greatly lessened her possibility of being approved for a bank loan, even though she had an extremely good credit score and was ready to pay 30% for the down payment. And yet she couldn't allow this incredible opportunity to pass her by. When she reached out to Read Rock Capital, the 30% down payment and a positive cost-of-rent assessment worked to her advantage and enabled her to procure the funds she required to finalize the purchase triumphantly.

As an investor, you may also perform a cash-out refi on one of your other properties to get back equity inside them to employ towards other investments. To illustrate, Read Rock Capital had this borrower, a real estate investor who owned a rental property and had fully repaid the initial mortgage loan on it. He was self-employed and in excess of thirty days late on his credit card payments. A cash-out refinance was really what was right for him because it not just helped him pay down his high-interest credit card bills, but in addition, gave him rest from his predicament given that the rental income via the condo took care of the new loan payment.

Determining the right Douglasville rental property mortgage lender who appreciates your needs and the real estate investment landscape is half the battle. Enter your info into the form on this page or call us, to discuss your project.