Rental Income Property Action Plan

A plan to multiply your net worth.

Turn your home equity into monthly income. It just makes sense.

If you’ve been watching your home equity grow and grow in recent years, but feel happy to stay right where you are, you may be sitting on (well, living in!) a great opportunity to start investing in the real estate rental market.

If you’re still not sure that now is the time, that’s even more reason for us to connect.  Our team will take the time to understand your big financial picture, including your goals and be happy to make a plan to get you in the rental game with a customized rental income property action plan, just for you.

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Rental Income Property FAQs & Action Plan:

I want to get started. What’s the first step?

Our team takes a look at your financial picture and determines the amount of available equity in your current home.  We’ll need a copy of your current mortgage statement to make that happen.

From there, we help you determine what will make the best type of income property for you so you can start looking.

Do I need a tenant in place in order to secure a mortgage?

No, your mortgage will be based on the projected rental income provided by an appraiser, so no need to put the tenant before the property.  In fact, most often you want to avoid purchasing a property that comes with a built-in tenant, as you can never be completely sure if the current landlords have done a great job of screening the tenant.

Is the minimum down payment higher for a rental property?

If you’re not going to live in the property yourself, the required down payment is 20%.

If you’re buying a duplex and you are occupying one of the units as your principal residence, then your down payment is only 5%.

For a multiplex dwelling of 3-4 units, one of which is occupied by you, the owner, the minimum down payment is 10%.  All projected rental income counts toward qualifying income on your mortgage application.

Is the interest rate the same as my home mortgage?

For most rental properties, lenders charge an interest premium of 0.25% - .035%.  This is to compensate for the increased exposure they take on in the event of any sort of life hardship that affects your ability to pay.

To make this easier to manage, our team can extend your amortization as far out as 30 years.


We’re here to help and ready when you are.