Financing Rental Properties

Expert, localized Los Angeles answers provided by Heather Roy

Financing Rental Properties
	I currently own 2 rental properties that are paying for themselves using their rental incomes both having interest only loans. I have been waiting for the market to turn upwards to sell and make a profit with the appreciaton but until that time I would like to purchase 1 more property in this market but don't know how to go about getting financing for the 3rd property. How do people own multiple properties?? And how do you get additional financing ??? Thank you

	Tell your real estate broker that you're looking for properties where the seller will "take back financing" -- agree to hold the mortgage. Elderly investors who are tired of managing property and still want a steady income are sometimes agreeable to that. And talk with mortgage brokers to find out if the properties you presently have, with their net income, will qualify you for additional loans.
	Edith Originally published on July 5, 2008

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