i was woundering because i want to get a loan to buy a apartment compex or any unit.......help if your a professional!!!!!!!!!plzzzzz
2006-09-15 09:40:58 · 10 answers · asked by Pearleyez 1 in Business & Finance ➔ Investing
you probally couldnt get a loan unless you make a decent amount of money or have established credit so you better find a co-signer
Age has nothing to do with it but credit experience and income have all to do with it.
2006-09-15 09:42:56 · answer #1 · answered by Anonymous · 0⤊ 0⤋
This depends on a lot of different things. First in most states you have to be over 21 to get a loan. So start by getting a cosigner Next you are going to have to have a job and something to use a collateral to secure you loan. third is the is the property /s loan to value at at least 80%. what condition is the property in, are the units currently rented. can the collected rent pay for loan pmt. taxes and ins..
2006-09-15 17:12:48 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Qualifications, qualifications, qualifications. Its not an age that a lender looks at, its your CREDIT, CAPACITY, and COLLATERAL. (the three C's). If you do well in these categories and have a business plan, the sky is the limits. Talk with a commercial loan officer in your local bank and ask about their guidelines. If you're serious, they give you the time to talk about it.
2006-09-15 16:46:29 · answer #3 · answered by abcdgoodall 4 · 0⤊ 0⤋
Depends on your credit. Usualy they will ask you what your looking to spend on a morgage! You will need to have GREAT credit to do something like that. You may want to start building som if you havnet done so already
2006-09-15 16:43:46 · answer #4 · answered by BOOTS! 6 · 0⤊ 0⤋
It really would depend on your credit score, current income, and if you will have a co-signor. Call up your local bank and talk to them. They can tell you if you will qualify or not.
2006-09-15 16:42:58 · answer #5 · answered by kewltazdude 3 · 0⤊ 0⤋
not much starting off. and u have to have a cosigner bcuz legally u have to be 21 to borrow money from a finance company
2006-09-15 16:43:01 · answer #6 · answered by Anonymous · 0⤊ 0⤋
...not very much, sugar.
...you can do your own credit check at a realtor and they'll fill you in. They all want to make $$ so they do this a lot.
...i'm impressed you're smart enough to understand how wise this is.
2006-09-15 16:49:42 · answer #7 · answered by R J 7 · 0⤊ 0⤋
i'm not a professional, but it will depend on how much you're asking for and how good your credit is.
2006-09-15 16:43:04 · answer #8 · answered by Anonymous · 0⤊ 0⤋
depends on a lot of things
2006-09-15 16:49:36 · answer #9 · answered by Anonymous · 0⤊ 0⤋
probably a million dollars
2006-09-15 16:41:58 · answer #10 · answered by Anonymous · 0⤊ 0⤋