Is money getting in the way of you and your first (or next) rental property? You’re not alone! This is perhaps the most common pain point for new investors. Fortunately, we have some game-changing tips to help you get financing for rental properties—even if you don’t have a high-paying job or perfect credit score!
Welcome to another Rookie Reply! Today’s first question is from a student looking to purchase their first house hack. They’re not sure if they’ll be able to qualify for a mortgage based on their current income and job history, but we’ll provide some actionable steps to help them reach their end goal as soon as possible.
Next, we’ll hear from an investor who’s looking to tap into their home equity and fund their next rental property. The catch? If they refinance, their new interest rate will jump up by 5%. Is the investment worth it? We’ll weigh the pros and cons. To wrap up, we’ll tackle some common landlording problems—high utility bills, tenant headaches, and more!
In This Episode We Cover
Common money problems new investors face (and how to overcome them)
How to find the best financing terms for your rental properties
Several ways to tap into your home equity (and fund your next property)
The pros and cons of cash-out refinancing at a higher interest rate
Keeping your utility costs under control and managing difficult tenants
And So Much More!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-556
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