FUNDING: SINGLE-FAMILY RESIDENTIAL RENTALS
With determination and resilience, you can increase your chances of finding the right financing option for your rental properties.
CEMENTING THE FOUNDATION
Preparing for long-term financing of single-family residential rentals is a meticulous process that requires careful planning and diligent effort. By assessing your financial situation, building a strong credit profile, and optimizing property value, you lay a solid foundation for successful financing arrangements. Remember to create a detailed business plan, save for a down payment, and explore different financing options. Additionally, gather the necessary documentation, build relationships with lenders, and maintain patience and persistence throughout the process. By following these steps, you position yourself for long-term financial success and maximize the potential of your single-family residential rental investments. And if you’d like further advice on securing the best possible real estate investment financing for single-family residential rentals, speak to our experts at REI News. • Damon Riehl is the founder and CEO of Investment Property Loan Exchange. He has more than 35 years of lending experience in a broad array of asset classes, including commercial and residential mortgage, small business, and construction lending. Riehl held top leadership positions as head of commercial lending for Ocwen Mortgage, head of unsecured lending for Citibank, global mortgage leader for GE Capital, and head of construction products at Fannie Mae. He is a member of the Harvard Joint Centers for Housing Studies. Riehl has built six de novo lending platforms and used that knowledge to build and grow Investment Property Loan Exchange and the fintech platform LoanBidz.com. Now that you understand the benefits and considerations you need to take when investing in real estate, you may want to start investing in your first property. One of the first steps is to work out a budget and your financing options. Our team at LoanBidz.com can help you figure out affordable options from the most reliable lenders for your exact needs.
RESEARCH FINANCING OPTIONS
statements, and property details. Having these documents ready in advance expedites the loan application process and increases your chances of approval.
There are various financing options available for long-term financing of single-family residential rentals. Research different lenders and loan programs to find the best fit for your investment strategy. Consider factors such as interest rates, repayment terms, and closing costs. It’s also beneficial to consult with a knowledgeable mortgage professional who can guide you through the process and help you make informed decisions. And if you’d like to allow the professionals to help you secure the optimal financing for your investment, talk to our team at REI News. Our experts will do the heavy lifting to find and pair you with reliable, affordable lenders. GATHER DOCUMENTATION When applying for long-term financing, be prepared to provide the necessary documentation to support your loan application. Typical documentation includes personal identification, proof of income, sometimes tax returns, bank
BUILD RELATIONSHIPS WITH LENDERS
Establishing relationships with lenders can be advantageous when seeking long-term financ- ing for single-family residential rentals. Attend local networking events, engage with industry professionals, and join real estate investment associations. Building a network allows you to gain insights, access potential financing oppor- tunities, and demonstrate your commitment to the real estate investment community. BE PATIENT AND PERSISTENT Securing long-term financing for single- family residential rentals may require time and perseverance. Rejections and setbacks are common, but it’s crucial to remain patient and persistent. Learn from each experience, address any feedback or concerns lenders may raise, and continue to improve your financial position and investment strategy.
26 | think realty magazine :: january – february 2024
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