An investment property is a property that is not your primary residence and has been purchased with intent to generate revenue, either through the future resale of the property, rental income or both.
An investment property can be a long-term project or an intentional short-term where real estate is purchased, remodeled or renovated, and sold at a profit.
Yes. In comparison to homes purchased as the primary residence, taking out a loan for an investment property often comes with higher interest rates and a larger down payment. It can be difficult to receive a loan on an investment property, particularly in Orange County, San Diego County, and Los Angeles County, so the borrower must be prepared to put down at least 20% of the home price as a down payment and be able to prove good credit scores.
It is important to be patient and well-informed about the market value of the property you wish to purchase. Selecting real estate that is more likely to increase in value is the most important decision you will make, therefore, buying at the right price is crucial.
Before you purchase the home, have a professional building inspector perform an in-depth inspection of the property to find any potential problems as this may hinder your profit potential. Thereafter, it is recommended to do an in-depth inspection annually.
Loans for investment properties usually accompany a higher interest rate. Be prepared to put down at least 15 percent of the property price as a down payment on the loan and ensure that your credit is in good standing.
Contact The Kolesar Team today for any interest in becoming involved with investment property or investment property loans!
Working with Brendan was amazing! He always had my best interest in mind and was eager to help with anything regarding the loan process. He explained everything in a way so that I could have a better understanding. The Kolesar team were always quick to respond to my questions no matter the time of day. They were fast in processing my loan and made it easy for me while working my full time job. I was able to upload all paperwork electronically which was great. They are the best and I will be working with them again in the future for any lending needs.Lauren Hieb
This is my second loan in 6 months and the efficiency and patience with Tiffiney and Brendan were fantastic as usual. I would use them again.Deanne Bourne
I had the best experience with The Kolesar Team ! We really had no clue how to even begin the loan process and they helped us through every step of the way. Thanks again team!Arielle Dumaw Whitman
I don’t normally make endorsements of other people’s companies, but when I do – I mean it! We are beginning our 5th deal with Brendan Kolesar and his Team of experts (with 2 more hopefully in the pipeline). I’ve spent a lifetime in this business, many of my old friends have either died or retired. This caused me to seek out new young blood to work with. It isn’t easy finding professionals that really understand their profession, all the related nuances, have excellent communication skills, provide outstanding service, and are more than competitive with rates and fees. I highly recommend Brendan and The Kolesar Team!Ron Martin
Brendan and the team are as good as it gets! I’ve done multiple transactions through them over the past 5 years now and I guarantee you will be happy you used them.Scott Brouse