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Obtaining an Income Property Loan
Acquiring an income property is a major real estate investment
that requires much of the investor, as well as any other
partners. Essentially, when you seek a loan for your investment,
the bank becomes your newest business partner.
With your decision to acquire an income property, you have also
likely considered what you want to accomplish, and over what
period of time. The same criteria that are used in any sound
investment strategy or financial plan also applies to income
properties. Property managers typically charge a percentage of
gross income. This usually varies from 5% to 10% of gross
income, often with an additional charge for new leases. Property
financing comes in many types and terms, depending on the
property itself. Loans on income properties are usually tailored
to each property type. Often, apartments can have longer loan
terms than office or retail spaces. Remember that apartments are
a more stable type of investment property than commercial
buildings. Before you enter the market for a loan, you should be
sure to do some necessary groundwork. Here is a list of
questions to investigate and answer that will help narrow down
your request. 1. How much do you need? 2. What are you going to
use the proceeds for and for how long? 3. How are you going to
repay the loan, and under what terms? 4. What assets can you
pledge to secure your loan, which would make your loan officer
sleep soundly at night, if he decides to approve your loan?
Remember, loans are the products that banks sell. Look for the
best combination of price, quality and reputation of supplier.
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