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Interested in a $150k loan to invest in rental properties. What are the typical terms involved regarding interest rate%, term length, collateral, etc.? What is the maximum loan repayment length? Also, are there any other resources besides a business loan to develop that amount of capital?
Hi ADG,
With real estate you will want to most likely want to have a down payment of at least 20% (this allows you to avoid PMI fees). Once you have a reasonable cash down payment available just approach the various banks and lenders in your community and get there loan application forms and rules regarding there pre-approval process. Start filling out the paper work and talking with the bank lenders / managers and proceed from there. Evaluate all your options, do lots of research and compare all available competition. You want to hire an experienced real estate agent as well as they can be invaluable in your first few property purchases if not all of them. There is no replacing a good and experienced real estate agent so make this a high priority and do not settle for second best in this area.
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