investment property & rental loans

[angelaohio]

has anyone attempted to get a loan for any investment property or multi-family properties after their bk?

i have the goal of purchasing an apartment building when my bk dates (1 year discharged ch 7) and credit scores (low 600's)allow me to.

has anyone done this or tried to get approved?

the best thing i have in my favor is my debt to income ratio (20% of net with all bills and housing payment)

i was told a few months ago that i could only get approved for an owner occupied duplex.

i did not want another inquiry (i have tons already) so i wanted to test the waters a little first.

thanks for any input!!

[HHM]

Not too many people on here are probably in a position to purchase investment property, so I don't think you will get a big response...moreover, that is an entirely different kind of lending scheme since your talking about rental units, etc. I suppose if you have near full occupancy with solid lease agreements and units in good condition, you could probably get a loan. I, personally, have never come across the requirement of owner/occupier before, but that may be local variance in business practices.

But as with any loan post BK, your rates may not be favorable enough to make the deal profitable.

[MTG_BANKER_OH]

has anyone attempted to get a loan for any investment property or multi-family properties after their bk?

i have the goal of purchasing an apartment building when my bk dates (1 year discharged ch 7) and credit scores (low 600's)allow me to.

has anyone done this or tried to get approved?

the best thing i have in my favor is my debt to income ratio (20% of net with all bills and housing payment)

i was told a few months ago that i could only get approved for an owner occupied duplex.

i did not want another inquiry (i have tons already) so i wanted to test the waters a little first.

thanks for any input!!

If you are talking apartment building are you talking about more then 4 units? If it is more then 4 units you are looking at a commercial loan. wither way you look at it you are going to have to put money down 10-20%. If you are going to live there you may be able to do it zero down, but your terms will not be that favorable. Do you have money to put down?

[angelaohio]

not really. that's why i wanted to buy a house first so that way i could tap into my equity to get the down payment for a rental and meanwhile save up some more cash.

i haven't seen anyone in this forum mention anything about rentals or investment loans.

thanks for your advice.