Hi I am low income and like to buy apartment building and rent the apartments/not live in it/ is there chance of getting loan. I believe my credit is good and can put down payment. Thank you Katerina
2007-08-13 08:45:05 · 4 answers · asked by bubuneres 1 in Business & Finance ➔ Renting & Real Estate
I'm a little confused, why would you reat it and not live in it? Are you talking about buying the complex itself and being the landlord?
2007-08-13 08:53:02 · answer #1 · answered by *~HoNeYBeE~* 5 · 0⤊ 0⤋
Many state's rules manage any enhance fee as a secure practices deposit and function limits on the quantity of a secure practices deposit that a landlord can carry jointly. offering 6 months hire in enhance will spark off a crimson flag to a smart landlord. a lot of human beings seem to think of offering in enhance funds to a landlord will paintings, although, it does not. Your credit is low and you have a lapse on your condo historic previous. Your income is likewise low. a clean own loan will ensue on your credit rfile - affecting the two your score and your debt to income ratio. Wait till you bypass finished time and function paystubs for the better income. as quickly as you're there, get a co-signer - somebody who has a good income & owns assets.
2016-10-15 05:07:25 · answer #2 · answered by ? 4 · 0⤊ 0⤋
You can't. In order to get an inveting loan you have to prove that you can make the payments even if you have no renters in it at all. You aren't going to qualify. Also, you need to realize that a down payment on an apartment building is usually 25%.
2007-08-15 09:53:28 · answer #3 · answered by Landlord 7 · 1⤊ 0⤋
Even if your credit is good, you'd have to show enough income or assets to make the payments to get a loan.
2007-08-13 08:55:24 · answer #4 · answered by Judy 7 · 0⤊ 0⤋