Updated over 8 years ago on . Most recent reply
need loan advice for first rental?
im looking to buy some rental properties and would like to finance the properties. we are currently selling our home and should have well over 200k for cash on hand so down payment is no problem and credit score is around 740. we dont have a lot in personal income and i am wondering if that will be a problem? do commercial loans look at just the future income from the property to base its decision? what option do we have when it comes to financing? what is the likely hood of getting approved without using personal income? any advice or tips will help
thanks
Most Popular Reply
#2 General Landlording & Rental Properties Contributor
Without sufficient income it will be difficult to get financing. Banks want to know you can pay the loan. Rental income is not guaranteed so they will usually require a sufficient working income. Your best bet, unless you are retired. is to get second jobs and build up a work history.
You need to prove they will be able to get their money.