Hey there, so I’m diving into real estate investing, and I’ve got a duplex under my belt financed with a conventional loan. I’m living in one side and renting out the other. Now, I’ve moved into my own single-family home, also on a conventional loan. But now, there’s this sweet deal for a 4-unit multifamily home on the table. And guess what? I’ve never ventured beyond a conventional loan before. So, what’s the smart move here for financing this new property?
I’m thinking, should I go for the regular conventional mortgage again? I hear that 4-unit homes are fair game for that. But here’s the kicker – can I take out this loan and buy the property directly under an LLC? And what about the option of “owner-occupying” it? Would a lender even entertain that idea if I already own two other properties?
Apart from the conventional loan route, what about exploring commercial loans or DSCR? I’m a bit clueless about them, to be honest. Do they offer any perks over conventional loans? And what’s the deal with interest rates – are they reasonable compared to conventional loans? Can I lock in a fixed rate for 30 years like with conventional loans?
I’m really grateful for any insights you can throw my way. Cheers in advance!