I have 15 rental properties that I inherited that have no mortgages on them. I want to get a loan on a couple of them so I can fix them up to be section 8. My credit is about a 630. My question is what is the best way to approach a bank, credit union or mortgage company to get a loan? Thanks in advance
This. The ball is in your court. Make sure you get what you want...
Why would you need to get a loan if you have 15 mortgage free properties? Just for argument sake, if you are renting them out for $750 you should be cash flowing $400/mo minumum on them. If just 10/15 are rented then you should bring in 4,000 a month. Wait 3 months and pocket 12K and finance your own repairs. Man I would love to have 15 properties free and clear. My goal was always 10 by 30, 40 by 50. I have 5 right now, but only 2 years till the 30 mark so I'm not sure if I'm going to make this deadline!
If you have to get a loan it won't be a problem at all regardless of credit. You have equity and thats all you need.
If you have to get a loan it won't be a problem at all regardless of credit. You have equity and thats all you need.
You need a good lender. I would get a local one vs. someone you find online. Ask some local people who they might recommend for a realtor or lender. The realtor will know some lenders. Your credit shouldn't mean too much as long as you are trying to only get like 20-40% of the property's value out for a loan.
It's a "tough" problem to have there...LOL...15 properties with no mortgages...Good for you man. Hope it all goes well for you!
