Hi,
My wife and I are saving up for the downpayment on our first rental property. I was wondering if some of you more experienced folks could share some of your experience?
- Is 20% down really doable these days for a rental property? Or is it more realistic to assume 25% or more?
- What could we expect for an interest rate? My understanding is about 6 ish %...?
We're in pretty good shape credit wise - credit score around 760 or 770, debt to income's very low, about 3% right now, maybe 9-10% after the loan, good income, 6 yrs with current employer.
I know there are some other options like getting a HELOC to use for part of the downpayment, but until we've got more experience with this rental property thing, we don't really want to go there.
Thanks in advance to anyone who responds!
My wife and I are saving up for the downpayment on our first rental property. I was wondering if some of you more experienced folks could share some of your experience?
- Is 20% down really doable these days for a rental property? Or is it more realistic to assume 25% or more?
- What could we expect for an interest rate? My understanding is about 6 ish %...?
We're in pretty good shape credit wise - credit score around 760 or 770, debt to income's very low, about 3% right now, maybe 9-10% after the loan, good income, 6 yrs with current employer.
I know there are some other options like getting a HELOC to use for part of the downpayment, but until we've got more experience with this rental property thing, we don't really want to go there.
Thanks in advance to anyone who responds!