A rental home situated in an ideal location — regardless of if it's a single-family residence, a condominium, a duplex, a triplex, or a fourplex — can be a worthwhile investment for almost any real estate investor hoping for a regular monthly income and a solid financial outlook for years to come. Certain people opt for an all-cash purchase, while others favor to finance their investments with Beaufort rental property loans. But the challenge is that it is tricky to get approved for a bank loan should you not have a good credit score or if you happen to be self-employed. And nearly all banks employ a lengthy loan application and approval process, which could limit the odds of making a successful transaction, particularly if the sellers are seeking a fast closing. But did you know that you have other options for acquiring a mortgage loan for a rental property?

Real estate investors, who are intending to purchase a new investment rental property or wanting to refinance a current loan, can always approach private loan providers for a rental home loan in Beaufort. Rather than the individual's pay check or credit score, these loans, which have shorter durations of six months to three years and rates starting at 10%, are frequently decided upon by the specific property's power to bring in reliable cash flow, an outside assessment of the premises, and in some circumstances, the applicant's experience in managing rental properties. Beaufort rental property loans aren't merely easy qualifying, but are additionally fast closing — which means you do not have to let another real estate investment opportunity fall through your fingers while you wait for a bank to approve your loan.

Among Read Rock Capital's customers was an independent realtor who was in search of rental property financing to obtain a single-family home in South Carolina. Even while she maintained an ideal credit score and had ample personal savings to apply towards a 30% deposit, she had a low likelihood of being eligible for a regular bank loan, seeing that she was self-employed. But she couldn't let this once-in-a-lifetime opportunity go to waste. Once she reached out to Read Rock Capital, the 30% deposit and a strong cost-of-rent assessment worked to her advantage and helped her procure the capital she needed to close on the deal successfully.

Being an investor, you could also do a cash-out refinance on any of your current properties to appropriate equity in them to utilize towards other investments. For instance, Read Rock Capital had this borrower, an investor who was the owner of a rental property and had fully paid it off. He was a self-employed individual and had failed to make a payment on his credit cards in over thirty days. A cash-out refi, using the rental earnings from the condo going towards the new loan payment, made sure that he would be capable of paying off his prior debts while also getting a bit of breathing room.

You are off to a good start if you have come across a good Beaufort rental property mortgage lender to make a loan on your deal. Fill out the contact form or give us a call, to discuss the property or properties you have in mind.