Rental Property Financing in Idaho

A rental property in an ideal neighborhood — regardless of if it's a single-family house, a flat, a duplex, a triplex, or a fourplex — can be quite a valuable financial investment for a real estate investor seeking to find reliable monthly cash flow and a secure personal financial outlook for years to come. A few investors go with an all-cash acquisition of a property, while other people choose to finance their investments with Idaho rental property loans. But in case you happen to be self-employed or have a weak credit score, it can often be very challenging to get a regular lender like a bank to say yes to financing your upcoming investment. And nearly all banks have a rather long loan approval process, which may reduce the odds of completing a successful purchase, particularly when the sellers are seeking a fast closing. Luckily, there are other ways to get a mortgage loan for a rental property.

Many real estate investors take out a rental home loan in Idaho from private loan providers to buy their new investment rental property or to refi a current home loan. Despite the fact that an investor does not have a solid credit score, even so he holds good odds of being approved for these forms of short-term loans with rates starting out at 10%, provided that the applicant is experienced with running rental properties and the property has a good potential to crank out reliable cash flow. Also, Idaho rental property loans, along with being easy to qualify for, are also fast closing, which allows you to execute contracts on lucrative real estate deals pronto.

One of Island View Private Loan Fund's customers included an independent realtor who was in need of rental property financing to purchase a single-family home in South Carolina. Even though she maintained a terrific credit score and could put 30% towards the house, the fact that she was self-employed with unpredictable earnings meant that traditional financing was extremely unlikely. Nevertheless, she could hardly stand to abandon this phenomenal opportunity which could make a major contribution towards guaranteeing a solid financial future. The 30% down payment and a detailed analysis of the cost of rent in the neighborhood ended up in her favor, and IVPLF issued a private home loan for her immediately, enabling her to capitalize on an incredible deal.

As a real estate investor, it's also possible to do a cash-out refinance on any of your other properties to get back equity within them to use for other purposes. IVPLF once had a client who had clear and outright ownership of a rental condo. He did not have a typical salaried profession with a dependable source of income and was past due on his credit card bills by over 30 days. A cash-out refinance, with the rental earnings from the condo to take care of the new loan payment, made certain that he would be capable of paying off his prior credit card debts in addition to gaining some breathing room.

You've made a good start if you have identified a good Idaho rental property mortgage lender to finance your real estate venture. Fill out the contact form on this page or give us a call, to discuss your property.