Get Rich Education 56: Investment Property Loans and Mortgage Closing Costs with Caeli Ridge
#56: Learn today’s financing qualification requirements for investment property with Caeli Ridge, Owner and CEO of Ridge Lending Group.
This pertains to conventional financing of: single family homes, duplexes, triplexes and four-plexes that you do not intend to occupy.
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Listen to this week’s show and learn:
00:52 If you want to control more property, you need good loans.
04:50 Compared to last year, are borrower requirements more rigid or more lax?
07:39 Your credit score, debt-to-income ratio, percent down payment, reserve requirement.
12:46 Qualifying for your first 4 properties is different from your 5th through 10th financed properties.
15:47 Qualifying for your 11th through 35th financed properties.
17:13 Can foreign buyers qualify? Also, LIBOR comments.
19:28 Maximizing your cash-on-cash return when structuring a financed offer.
21:21 Buying income property outside the state where you reside.
22:44 Minimum loan amount is $50,000 to $60,000.
26:10 What is a Good Faith Estimate?
27:58 Closing costs - what are they and where do they all come from?
30:58 Why you would want to pay a 2% Origination Fee rather than 1%. It’s by paying 1 Discount Point to “buy down” your interest rate.
32:55 Recording costs, transfer taxes, escrow charges, appraisal fees, processing fees.
36:02 Title Insurance
Resources:
MidSouthHomeBuyers.com or call (901) 217-4663 for Top-Notch Turnkey Rental Properties.
NoradaRealEstate.com or call (800) 611-3060. Your Premier Source for Turnkey Cash-Flow Investment Property.
GetRichEducation.com - that’s where to subscribe to our free newsletter, receive turnkey real estate webinar opportunities, and see all Events.
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