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Obtaining a SFH, a condominium, a duplex, a triplex or a fourplex will not merely generate a consistent cash flow every month, but additionally, it prepares you to have a secured and pleasant personal economic future. While a number of real estate investors may be able to pay all cash to buy their investment properties, there's also the alternative to apply for a rental property loan in Kentucky. But the challenge is that it is tricky to receive approval for a bank loan if you don't have an excellent credit score or if you are self-employed. And virtually all banks have a rather long loan application and approval process, which can hinder the likelihood of completing a successful transaction, especially if the sellers are looking for a fast closing. The good news is that there are other methods for getting a mortgage loan for a rental property.
Various private financial firms or individuals make rental home loans in Kentucky available, which can be used by real estate investors for purchasing a new investment rental property or to refi an existing mortgage loan. Rather than the individual's take-home pay or credit score, these loans, which come with shorter time frames of six to thirty-six months and lending rates beginning at 10%, are frequently determined by the particular rental home's power to bring in steady cash flow, an outside appraisal of the premises, and in some instances, the individual's familiarity with property management. Also, Kentucky rental property loans, besides being easy to qualify for, are also fast closing, which helps you execute contracts on lucrative real estate transactions pronto.
For instance, a self-employed real estate agent in South Carolina recently approached Read Rock Capital for rental property financing to buy a single-family home. Though she had a great credit score and enough personal savings to devote towards a 30% down payment, she had a low prospect of qualifying for a bank loan, given that she was self-employed. But, she realized that the investment opportunity was way too financially rewarding to miss out on. When she called Read Rock Capital, the 30% down payment and a positive rental market assessment worked out to her advantage and allowed her to obtain the capital she needed to finalize the sale triumphantly.
A lot of investors also perform a cash-out refinance on their preexisting real estate assets to take advantage of the equity within them for an additional investment or to settle some other unpaid debt. Read Rock Capital once had a customer who had clear and outright ownership of a rental condominium. He was self-employed and had failed to make a payment on his credit card bills in over 30 days. He completed a cash-out refinance on the property to pay down his credit cards and allowed himself a little space to breathe since the new payment was covered by his rental income from the condo.
Finding the right Kentucky rental property mortgage lender who appreciates your needs and the real estate investment landscape is half the battle. Complete the contact form on this page or give us a call, to talk about your project.
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