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Tag Archives: adjustable rate mortgage

Don’t Be Afraid Of What You Don’t Understand

understanding rental property loans

I’m going to go out on a limb here and say that everyone is good at something. Maybe it’s a skill picked up over time or with experience. Maybe we learned it in school. Maybe our parents taught us. Brain surgeons are good at neurology. Crackheads are good at finding ways to obtain crack. We all have our strengths and often don’t stray outside of the comfort zone. Today, I’ll tell you a story of how our comfort zone almost cost us thousands of dollars, all because we were afraid of what we didn’t understand. Fourplex Drama I won’t say we are skilled real estate investors, but with two properties under our belts, we felt OK with branching into a multi-family property. Everything was going almost too smoothly with the process. Things I thought might be a problem were non-issues including repairs we wanted the seller to make,  our credit card churning history and my change in employment status. What did become a huge issue was something far beyond our control. There were no comps for the type of property we were trying to buy. What Does No Comps Mean? In order to get a mortgage, you have to have ...

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