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7 smart moves for getting started as a landlord – Interest – You’ll also need to be able to qualify for a loan. Lending requirements for personal mortgages have relaxed in recent years, but Jim Merrill of Axel Mortgage Inc. in Phoenix says the requirements for rental property largely have remained the same. If you’re borrowing money for your first rental house, you’re going to need at least a 20% down.
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Rental Property-Business Loan or Consumer Loan? – If the consumer intends to acquire the residential property for the purpose of renting it out to others, and if the consumer does not plan to occupy the acquired property for more than 14 days himself in the next year, the loan can be considered a business-purpose loan.
How to: Prepare for a business loan – By applying a smart business loan to a smart business idea. here – you just want to see revenue and expenses on the property to better understand the true potential rental income. This level of.
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