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What is the best loan type for investment property

Profile picture for ipso
  • ipso
  • Contributions:37
I want to buy a 3br 2bath SFH for $25K; I have $10K believe it needs 10K in repairs; will rent out for $800/mo what is the best loan to get; credit union has equity line with no closing cost if you keep loan for 3years.  Should I borrow from family pay cash and then get equity line? or get a mortgage for 60% LTV? on font end and pay all the closing cost?
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February 05 - US
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Answers (2)

Profile picture for RussellMortgage
For such a low loan I would strongly consider the line of credit with no costs because the costs on a traditional first mortgage will be pretty steep for that size loan.
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February 06
Profile picture for CandaceCamacho
Hello,

Take a look at this thread below:

http://www.zillow.com/advice-thread/What-are-the-pros-and-cons-to-paying-cash-vs-getting-a-loan-for-an-investment-property/396708/

I hope this helps.

Thanks,
Candace
Zillow Customer Support
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February 06
 

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