How do I get a loan with other loans riding my credit
4 Replies
Sanya Delgado
from Winston Salem, North Carolina
posted about 1 year ago
I want to buy a rental property but it seems that because I already have a home on my credit $250,000 it looks next to impossible. How do I bypass this issue? How are other qualifying for these loans when they have multiple other properties? Help!
Ned Carey
(Moderator) -
Investor from Baltimore, MD
replied about 1 year ago
@Sanya Delgado I see lots of questions like this. It is kind of like asking "how do I buy something I can not afford?"
That said it can be done but it is tough. You need to look for mare creative ways to finance your properties. Some ideas:
- Hard money lenders
- Partners
- private money (friends, family and associates)
- Owner financing
- Creative deal making like lease options
- Smaller local lenders
- Commercial loans based on the property income
- A combination of the above
Sanya Delgado
from Winston Salem, North Carolina
replied about 1 year ago
@Ned Carey thanks, maybe ill try a small local bank. Is there anything you can recommend with regards to how to pisition myself to get this loan? Should I be saying it is just a second property, or to acquire rental income etc
Ned Carey
(Moderator) -
Investor from Baltimore, MD
replied about 1 year ago
@Sanya Delgado if you are buying it as an investment property tell them that. Do you have a specific property in Mind? If you do present them with an analysis of why it is a good deal.
Otherwise just ask questions about what their requirements are. The more you know about what they expect the better you can present yourself.
Holden McCord
Rental Property Investor from Dallas, TX (dallas tx)
replied about 1 year ago
@Sanya Delgado Thank you for your question.
@Ned Carey Thank you for your answer.