Want a better rental property loan? You’ve probably tried talking to banks, brokers, and residential lenders about growing your real estate portfolio, only for them to hit back with W2, income, and credit score requirements. Is there a loan that gets around these conditions for those that are hard to fund? What if you have a rock-solid real estate deal but no nine-to-five income to show to a bank? Well, there’s one type of funding you’ve probably never heard of, and real estate investors nationwide are starting to take advantage of it.
We’re back with another Rookie Reply as Ashley and Tony embark on an emotional journey down eviction lane, discussing what to do when bad tenants stay in your property and how to ensure it never happens again. But that’s not all; Ashley and Tony bring their tenant red flags that ANY landlord should know about when interviewing potential renters. They’ll also touch on subject to, seller financing, and other creative ways to fund your real estate deal, plus why you should (or shouldn’t) buy a historic home. Finally, you’ll hear about the investor-only loan so many people are using to grow their portfolios even faster!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Ashley Kehr:
This is Real Estate Rookie, episode 288.
Tony Robinson:
Ash, outside of credit score, what other factors do you typically look at when screening for long-term tenants?
Ashley Kehr:
Yeah. Let me give this disclaimer first is that make sure you know what you can and cannot screen for with your state laws. I mean, every state has different rules on this as to what you can screen for. So screening also cost money, so you have to pay if you’re doing a background check to make sure no violent crimes have been committed. If you have a multi-family unit, your tenants are not going to be wanting to live next to someone who is…