Hi, I'm very interested in learning how to find a financer for my first investment property loan. I am 22 years old, almost 23, very responsible and mature, and very motivated to do something with my life make big steps to get there.
I've run into a bit of confusion when googling the financing process and while speaking with loan specialists at the bank. What confuses me is all the options; conventional loans, seller financing, hard money lenders, portfolio loans, FHA, etc.
I'll be honest, I don't have the down payment of 20-25% for a $100,000+ apartment building. However, I would very likely be able to find a personal financer for the down payment. I'm just interested in hearing how you started, what loan you chose, the process you took, etc. I still live at home so I am partially doing this for me to have my own place, but I would rent out the other units.
For what it's worth: I have a steady job I've been at for two years. Monthly (gross) income is around $2000/mo. Credit score is about 670. I am a property manager for a few apartment buildings now, so I do have landlord experience.
Just looking for some help here. I would really, greatly appreciate you taking some time out of your day to help this make sense to me so I can hopefully make some forward progress here. Should I continue asking banks? Find a private lender?
Thank you so much for your time, I am very interested in hearing back from you.
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