Can an investment property qualify for a loan itself??

[David Boroughes]

Looking at a small 12 unit apartment complex. Seller has income/expense reporting which indicates about $90,000 per year income and $30,000 per year in expenses (with no debt service). Asking price is $900,000. I don't qualify for any more mortgages due to debt to income ratio currently. Question becomes, could the income/expenses of the property qualify itself for a loan? where my income/debt would not be calculated in, Then I could buy it as its own entity, like an LLC. There is potential to raise rents as the sellers held the property for decades and most tenants have been there for years, I know the bank would use current rents, which is fine, but I do see long term potential cash flow increase in buy and hold here, just need to figure out a way to purchase. (I do have a down payment)

[Johnny Hastings]

I'd take that situation to a few local banks, and shop the loan around. I know beyond any doubt that at least one local bank that I've worked with here would make the loan if I had the 20% down payment, and the property was in reasonable condition. 

Definitely create an LLC to hold this in. You're risking too much by not, and (at least here in WI) it's cheap and easy to start an LLC.

When the bank looks at whether to make the loan, they're going to consider income vs expenses, your experience managing property, the condition of the property itself, and your down payment. At least those are the items that came up in discussion when I got my first investment property loan (which was also on a 12 unit as it happens). 

Your profile says you have property management experience, so that shouldn't be an issue. 

So, I think the answer to your question is 'sort of'. The property income/expense plus your experience and down payment should qualify for the loan.