My mortgage takes up most of my income. What type of lender should I look for and would they give me a chance with such a high debt to income ratio? Any suggestions from someone with experience? I am interested in renting to section 8 tenants also.
2006-09-16 03:11:43 · 6 answers · asked by T. M 1 in Business & Finance ➔ Renting & Real Estate
Buy small properties.
2006-09-16 03:18:55 · answer #1 · answered by Bawney 6 · 0⤊ 0⤋
In order to become an investor, you have to have something to invest. Some cash to buy. More cash, or the willingness to work, once you've got it.
You can cut your expenses and start saving, you can start making more money, or you can take cash out of your property if you have equity (although I'd be real careful if your cash flow is tight), or some combination. Or you can make a new plan.
2006-09-16 05:48:15 · answer #2 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
If you really want to do it, Sell your house and live in an apartment for a year, pay off your mortgage, then it will be easy to get a loan and start investing one house at a time. within a year you can turn over at least 3 houses and save a lot of cash.
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2006-09-17 12:59:29 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Take out a 2nd mortgage.
2006-09-16 03:43:57 · answer #5 · answered by I SLEEP TO DIE. 3 · 0⤊ 0⤋
look for empty properties. there is lots of ways to make money with them.
2006-09-16 13:19:44 · answer #6 · answered by Piffle 4 · 0⤊ 0⤋