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The Water Cooler
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Rental property Investors... Another question?
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<blockquote data-quote="FullAuto" data-source="post: 2694069" data-attributes="member: 5110"><p>I deal with a small bank. They only have 2 branches. But because of this, there aren't any underwriters. The loan officer, who also happens to be a Vice President, has authority high enough to approve anything I'm buying. Their interest rates are a little higher than normal mortgages, but they are so much easier to use, have much cheaper fees and the ability to close fast. For investment properties, they require 20% down and will only do 15 year mortgages. I don't want 30 years anyway.</p><p></p><p>Renters pay all bills. The only thing I'd consider throwing in is lawn care. By mowing the lawn, you ensure it's done and it gives you an excuse to go over there regularly to keep an eye on things.</p></blockquote><p></p>
[QUOTE="FullAuto, post: 2694069, member: 5110"] I deal with a small bank. They only have 2 branches. But because of this, there aren't any underwriters. The loan officer, who also happens to be a Vice President, has authority high enough to approve anything I'm buying. Their interest rates are a little higher than normal mortgages, but they are so much easier to use, have much cheaper fees and the ability to close fast. For investment properties, they require 20% down and will only do 15 year mortgages. I don't want 30 years anyway. Renters pay all bills. The only thing I'd consider throwing in is lawn care. By mowing the lawn, you ensure it's done and it gives you an excuse to go over there regularly to keep an eye on things. [/QUOTE]
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