By: Ryan Cox
In today’s real estate market many people have thought about buying an investment property or wondered how they could get started investing in real estate. For most people, unless you have a good amount of money saved up or have access to extra cash, this is not an option. Which leads most people to believe that they have to be wealthy or have a lot of money in order to be able to invest in real estate. Don’t assume you can’t afford to own an investment property. Check out all your options for buying an investment property before just throwing in the towel… This is confusing… the proverbial towel throwing… am I quitting? Didn’t I just get started??? IDK!!!
Did you know that you can buy investment properties with Renovation financing or a Home Improvement loan? Many people are not aware that these products even exist or the many benefits that they can offer. Renovation financing is unique in the fact that it works off of the “after improved value” instead of the “as is value”. This allows the buyer to get value for all the things they are looking to do to the property up front and many times can include them in with the financing. This can be a big advantage for someone who has less money to get started investing, or also be beneficial to someone has a good amount of money to cover all the improvements needed. For the customer that has less money to get started, this could be a great option to help them get started in their real estate investment journey. For the customer that does have more money put away, this could allow them to possibly purchase multiple properties with the same amount of money, instead of just doing one property at a time. Another great benefit that these products offer is the down payment requirement is usually less than many other options. These programs will allow for an 85% LTV, which is a down payment of 15% of the total acquisition cost (purchase price + all renovations).
These products will allow you to make the purchase of the property in most any condition and include all the updates, improvements or renovations needed. The process can be easy with just one application, one loan approval, one closing, and one monthly payment. For more information about the possibility of buying your next investment property, or discussing the many benefits these specialty products have to offer, give First Integrity Mortgage a call to discuss your options in more detail and let us help you reach your real estate investment goals.
For more information regarding investment properties or mortgages in general, or just for comments or concerns, please call Ryan Cox, NMLS# 1547172, at 618-581-3015 or email at email@example.com.