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re: Rental Properties - expected returns and other questions
Posted on 12/22/11 at 1:34 pm to Zilla
Posted on 12/22/11 at 1:34 pm to Zilla
it is difficult to get mortgages done now compared to several years ago. I am a mortgage banker, and have been for about 20 years. While Fannie Mae and Freddie Mac both have the 4 total mortgages limit, we have the ability to go up to 10, with very strict requirements. You have to have smokin' hot credit and be very strong in reserves (6 months of reserves for EACH property). It can be done - but investment rates are going to be higher than primary or 2nd home rates.
1
Posted on 12/22/11 at 2:36 pm to blacykaty
Thanks for the comments, blacykaty. A couple of questions if you don't mind. What is your definition of cash reserves? Is it total monthly expenses (or essentially rent)? So, I'd need monthly rent x 6 for each? And, that is the requirement for the newly-purchased investment home(s), i.e., not ALL investment properties, correct? Lastly, what type of premium are we talking about for the rate +0.5%, +1.0% vs. primary residence?
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