If I purchased a multi-unit investment property as a means of creating passive income would the lenders still need to see steady earned income in order to allow for lending? If financing is allowed than to what extent will they finance the property up to? What is the metrics they are measuring it by. i.e. I want to purchase a property of 400K but only have 225K liquid.
2007-06-11 08:18:28 · 8 answers · asked by leufiger 2 in Business & Finance ➔ Renting & Real Estate
You would need part of your assets for a down payment, not all.
If the property is showing a positive cash flow, with tenants, that will be beneficial. You may be able to obtain 75 to 80 % financing, more or less.
2007-06-11 08:25:02 · answer #1 · answered by ed 7 · 0⤊ 0⤋
If the property is up to 4 units it should qualify for residential financing. You can get up to 100% on this, but the criteria is becoming more strict. It will also depend on your credit. If it's more than 4 units, you will have to get commercial financing and put a significant down, normally no less than 30%. If you don't have a job or documented income, you can still purchase with a stated income loan. There are a few forms for this type of loan, but it will cost you more with a higher rate. The bottom line is that it's possible, with your personal credit and number of units being the biggest decision factors.
2007-06-11 08:24:07 · answer #2 · answered by rechdxs 2 · 1⤊ 0⤋
the final course to take up this project is: one million. examine books approximately actual assets, particularly on the areas you prefer to pay interest on. 2. attempt to get an internship, mentor, or paintings at a commercial RE brokerage and benefit palms-on journey. in basic terms a component tip, be certain the place they're playing golf. Socialize and community. those are the right 2 priorities on your record once you're heavily desirous to study what to do. Getting licenses is basically the 1st step and lecture room time is beneficial in basic terms to a factor.
2016-10-07 07:35:19 · answer #3 · answered by guyden 4 · 0⤊ 0⤋
You would need a co-signer to go with this one, someone who has a job and good credit.
If you had a job for one day that much in assets and a 700 credit score you have a shot to do a fast and easy program.. 5% down payment www.countrywide.com
2007-06-11 08:33:37 · answer #4 · answered by Linds 3 · 0⤊ 0⤋
I'm certain that you will find all financial solution at= financial-care.info-
RE How difficult is it to get financing on real estate if you do not have a job, but have a lot in liquid asset?
If I purchased a multi-unit investment property as a means of creating passive income would the lenders still need to see steady earned income in order to allow for lending? If financing is allowed than to what extent will they finance the property up to? What is the metrics they are measuring it by. i.e. I want to purchase a property of 400K but only have 225K liquid.
2014-09-03 11:04:33 · answer #5 · answered by Anonymous · 0⤊ 0⤋
There are programs that go No Income/No Asset that will allow you finanicing if you put 20% or more down, without showing any kind of employment. I have some of the best rate son the market and can help you with this.
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2007-06-11 08:24:16 · answer #6 · answered by Anonymous · 0⤊ 5⤋
If you have $$$ and a good credit score you can buy whatever you want.
2007-06-11 08:22:10 · answer #7 · answered by Anonymous · 0⤊ 0⤋
There are stated, no ratios and no doc loans, if your fico scores are high.
2007-06-11 10:49:00 · answer #8 · answered by ron d 3 · 0⤊ 0⤋