Monday, December 9, 2019

How TO GET RENTAL PROPERTY LOANS WITH BAD CREDIT

The American Dream is defined as “the ideal that every US citizen should have an equal opportunity to achieve success and prosperity through hard work, determination and initiative.”

Many people believe that the best way to reach that dream is through real estate investments—specifically, rental properties. The most frequent obstacle that gets in the way, for potential investors, is poor credit. Have no fear—the American Dream can still be yours even with bad credit. There is a way around pretty much everything and that includes less than perfect credit.

Very few people have the liquid assets to buy a rental property with cash—that is why conventional bank loans are used. Unfortunately, bad credit means bank loans are not an option. The best loans typically come from a traditional mortgage—these loans will give you the best rates and longest terms. This makes them the most affordable choice. But, if you don’t have superior credit and enough monthly income a bank will deny your loan request. If you want multiple rental properties it is highly unlikely that you will be approved for a conventional loan. Banks are uneasy when it comes to rental properties because there is always the chance that the home will be vacant; that means the investor will have to cover the mortgage. So, without a tremendous amount of monthly income it is most likely a bank will turn you down—even with gold credit.

FIND YOURSELF A HARD MONEY LENDER

Veteran investors know hard money lenders are the avenue to take when financing rental properties—not only for investors with bad credit, but also for the quick approval and flexibility of loan terms. Hard money lenders are private individuals or groups who invest cash for real estate ventures. These lenders extend loans based on property not the individual borrower’s credit.

Because hard money lenders don’t have to adhere to federal and state regulations and policies they can lend money to any borrower they see fit. The hard money underwriting is also not nearly as rigid as a conventional bank; therefore, speeding up the approval time. Most borrowers will receive an approval within two days—unlike a bank loan that can easily take up to 45 days—even without any hiccups.

Many Americans have given up on the American Dream; but don’t give up. With the right lender to guide you, you can live the American Dream—and investing in real estate is the only way to go.

                   

                                                                                                                                         Dennis Dahlber Broker Ri CEO Level 4 Funding LLC

Dennis Dahlberg
Broker/RI/CEO/MLO
Level 4 Funding LLC
Hard Money Lender
Hard Money Loans
Hard Money Loan
Arizona Tel:  (623) 582-4444
Texas Tel:      (512) 516-1177
Dennis@level4funding.com
Dennis Dahlberg Broker/RI/CEO

NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave | Austin | Texas | 78701
About:  Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 43 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.
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