can i can multiple loans from 10 different banks if i have no income?
if i wanted to get a house to flip that was worth 100k could i go to 11 different banks and get a loan for 10k?
currently i have no income because i am in college. but i am wondering where i stand and if this is possible.
Assuming you can even find a loan for a flip from a bank, that bank will want first loan position. Once you start taking out multiple loans you can no longer offer first position on the loans. Good thinking, but highly unlikely.
with no income, it is harder bc how will you pay the loan back, what reserves do you have for emergency, etc.
You need to have some sort of money for closing and to make the transaction happen, however some ways to limit that may include:
but it helps having cash
Anyone lending money looks for the ability to repay the loan. I would strongly suggest you speak to a mortgage broker, eyeball to eyeball so he can explain how the lending business works. The minute you had one loan approved the second loan would effect your debt to income ratios if in fact you could get the first loan. Don't mean to be critical but the ability to qualify for a loan you need to meet the lenders guidelines and one of the first requirements is the debt to income ratio. Hope I've helped you even though it's not the answer you're looding for..
thanks everyone. i just went to two banks and they explained it all for the most part.
i gotta find a way for money now. any creatiev ways?
I have to tell you Derek LeBlanc your questions are all over the place in this series of threads you created. You seem to have a sudden urge to do anything to get started investing in RE while being in college? That's not impossible or a crazy idea, but there is some homework in order for you to set yourself up for success.
Get the book, The Millionaire Real Estate Investor by Gary Keller and read the whole thing. You can get it from a library, but I recommend you buy it to keep as a reference and use the online free resources you'll find in the book.
Listen to all of the BP podcasts! They are like short courses taught by pros using lots of different effective strategies.
Take the time to learn how this all works and you will do well in the long run.
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