As a real estate investor, it could be that your goal is to have numerous rental properties dotted throughout the Orlando area, each generating a nice amount of passive income for you. But, one of the biggest barriers that may be keeping you from moving forward is getting the needed financing in place.
Unfortunately, many property investors will become discouraged after talking with traditional banks and lenders – especially if you are turned down based on your credit score and / or a lopsided debt-to-income ratio.
But the reality is that there are a number of other potential financing sources for investment real estate purchases – and oftentimes, all it takes is becoming a little creative to secure a good, solid deal.
For instance, if you don’t have a sizeable down payment, it’s possible that the bigger banks will turn you down. But by going to a smaller local, or “neighborhood,” bank, you may find that these institutions have a bit more flexibility.
Likewise, rather than going to a lender who is “locked in” to securing financing only from the bank or lending institution that he or she works for, try going instead to a mortgage broker. Mortgage brokers have access to a much wider variety of loans from a number of different lenders. Because of that, a broker will be able to “shop” your loan application in order to find a loan that best fits your particular needs.
If a bank or lender isn’t the route you want to take, there is also the possibility of securing owner financing. This option could allow you to work directly with the current owner of the property to come up with a win-win situation for both.
Once you have purchased the property, managing and maintaining it can be a time-consuming task. But, by obtaining the services of a professional property manager, you can spend your time doing other things. If you’d like more details on how a property manager can free up your time – and still allow you to profit from your real estate investment(s) – just give us a call today.