Brrr minnesota questions
Hello everyone.
I’m hoping to get some sound advice.
I’ll try to keep it short and sweet.
I’m working on getting my credit score up. Currently at 563. Haven’t had credit in awhile, set up some lines of credit then screwed myself by setting up auto pay incorrectly.
I own a flooring business and am doing pretty well. I can come up with about $70k for a down payment.
Currently renting a house from my parents and they want me to buy it ASAP. Waiting for my score to get up enough where I can take out a loan...
I really want to get into BRRRR investing with multi family.
My questions are:
1.) Isit going to be hard to get a loan for an investment property if I’m paying a Morgage on our personal house?
2.) If I am able to get a loan for an investment property, and am able to put 20% down, assuming it appraise for more then what I put into it, would I be able to cash out and refi?
3.) what kind of credit score and income on paper do I need to show before doing ANYTHING?
Thank you I’m advance