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so_what · 10-31-2007, 07:11 PM

My husband and I want to start investing in rental properties. We have excellent credit, excellent combined income and have cash in the bank. My question is, will we require more money down, expect a higher interest rate and find it more difficult to get approved for a loan for rental properties? I have a friend that suggested not telling the lenders that we were purchasing a single family home or a duplex for renters and to say that it was for our primary residence. What are the repercussions for saying that? Isn't this illegal? I am a big believer in karma and do not want to do anything that is outright illegal. If someone can give me some tips or advice, I'd greatly appreciate it. It is hard to tell who is telling the truth or who just wants to sell their BS real estate plans on tape for a low payment of $89.99 a month! Thanks for your time!<br />

realtime · 10-31-2007, 07:11 PM

Because, as you say, you have excellent credit,combined income, and cash in the bank, you are already in an advantageous situation. Therefore, the effect of a little stricter lending rules should be minimal for you. And if you are setting the stage for a successful long term investment plan, or at any other case, you do not need to hide any facts. What would affect your continued success is what you buy, where you buy, at what price, and how well you manage and maintain your properties. And as far as financing goes, keep up the good work with your credit score and personal finances so that the lenders would be pleased to lend you money. Should you need more guidance, my e-mail is available or you can contact me via:

http://www.budgetrealestateloans.com

Apsdydrr · 10-31-2007, 07:11 PM

Having been doing what you're about to embark upon for the past 20 years on an international basis...the first answer you received is absolutely on the mark.

My reason for commenting is beyond the finance side there are numerous items to be considered and if you need any pointers, or another opinion, I'd be pleased to assist.

Promise; no tapes, dvd's, e-books or any that rubbish. Have made lots of mistakes but thoroughly enjoyed almost all of the properties I've bought & sold.

Wish you every success...

realtime · 10-31-2007, 07:11 PM

If you want to become a Real Estate Investor the first thing you have to do is your homework. This is not something you can just one day decide to do and all will be well. This is a very serous business learn all you can. Join the CREI-Alliance on Yahoo groups and get a lot of free advice from the members that are long time investors.
Graywolf
http://finance.groups.yahoo.com/group/CREI-Alliance/

10-31-2007, 07:11 PM	#1
so_what Greenhorn Join Date: Jul 2006 Posts: 6 Rep Power: 0	With regards to becoming an real estate investor. Is it more difficult to get financed for rentals? My husband and I want to start investing in rental properties. We have excellent credit, excellent combined income and have cash in the bank. My question is, will we require more money down, expect a higher interest rate and find it more difficult to get approved for a loan for rental properties? I have a friend that suggested not telling the lenders that we were purchasing a single family home or a duplex for renters and to say that it was for our primary residence. What are the repercussions for saying that? Isn't this illegal? I am a big believer in karma and do not want to do anything that is outright illegal. If someone can give me some tips or advice, I'd greatly appreciate it. It is hard to tell who is telling the truth or who just wants to sell their BS real estate plans on tape for a low payment of $89.99 a month! Thanks for your time!<br />

10-31-2007, 07:11 PM	#2
realtime Greenhorn Join Date: Jul 2006 Posts: 27 Rep Power: 5	With regards to becoming an real estate investor. Is it more difficult to get financed for rentals? Because, as you say, you have excellent credit,combined income, and cash in the bank, you are already in an advantageous situation. Therefore, the effect of a little stricter lending rules should be minimal for you. And if you are setting the stage for a successful long term investment plan, or at any other case, you do not need to hide any facts. What would affect your continued success is what you buy, where you buy, at what price, and how well you manage and maintain your properties. And as far as financing goes, keep up the good work with your credit score and personal finances so that the lenders would be pleased to lend you money. Should you need more guidance, my e-mail is available or you can contact me via: http://www.budgetrealestateloans.com

10-31-2007, 07:11 PM	#3
Apsdydrr Greenhorn Join Date: Sep 2007 Posts: 33 Rep Power: 3	With regards to becoming an real estate investor. Is it more difficult to get financed for rentals? Having been doing what you're about to embark upon for the past 20 years on an international basis...the first answer you received is absolutely on the mark. My reason for commenting is beyond the finance side there are numerous items to be considered and if you need any pointers, or another opinion, I'd be pleased to assist. Promise; no tapes, dvd's, e-books or any that rubbish. Have made lots of mistakes but thoroughly enjoyed almost all of the properties I've bought & sold. Wish you every success...

10-31-2007, 07:11 PM	#4
realtime Greenhorn Join Date: Jul 2006 Posts: 27 Rep Power: 5	With regards to becoming an real estate investor. Is it more difficult to get financed for rentals? If you want to become a Real Estate Investor the first thing you have to do is your homework. This is not something you can just one day decide to do and all will be well. This is a very serous business learn all you can. Join the CREI-Alliance on Yahoo groups and get a lot of free advice from the members that are long time investors. Graywolf http://finance.groups.yahoo.com/group/CREI-Alliance/

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