Profile picture for nivorytx

Can you get approved for a $100K or $150K loan and then ask to divide it up for several properties?

I am interested in investment properties and some of the homes only cost 20K or 30K. I was thinking that I could purchase several
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
December 29 2009 - Detroit
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (4)

Typically not. If you are applying and getting approved, it's going to be for that one property.Unless it's a different type of loan (other than a Mortgage Loan)
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 14 2010
Profile picture for Pasadenan
It sounds like you want a business loan instead of a mortgage?  But it also sounds like you have no business experience and no assets and no business plan?

You would at least need a business plan, some assets, and some experience.  Your proposal sounds like it would not even break even.  There are lots of costs you are not considering, and you don't show the income side to balance it, nor what your labor rates will be or how much labor you will need to put in.  You also have not considered how much further the properties will continue to decline in value.  Remember, the Auto Industry is not hiring presently.  There has to be jobs for people to want to live there.

If you already own a home, you could take cash out of your equity by refinancing, and use that cash for your business venture, but it still sounds like a loosing proposition to me.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
December 29 2009
Profile picture for Pasadenan
Look at those two closed minded people in that picture that are so stubborn that the have their arms crossed, and they are not even talking to each other, but have their backs to each other...

Who wants a stubborn agent that won't even listen to their partner, yet alone a client?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
December 29 2009
Talk to mrotgage lenders as investment terms on mortgages will vary.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
December 29 2009
 
Related Questions
Investment in metro Detroit
Profile picture for Albert Hakim
Latest answer by Albert Hakim
June 14 | 2 answers
SFH/MFH Investment in Detroit area
Profile picture for Norma Hollins
Latest answer by Norma Hollins
May 01 | 1 answers
Help regarding investment in Michigan,Detroit!
Profile picture for David Frizzell
Latest answer by David Frizzell
April 25 | 8 answers
purchase
Profile picture for Jason Buchanan
Latest answer by Jason Buchanan
March 24 | 3 answers
  • Asked by shapira shiran
  • In Investing
  • December 16 2013
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 16920 Plymouth Rd, Detroit, MI Home For Sale
    16920 Plymouth Rd, Detroit, MI 48227

     For Sale: $129,900

    • Beds: 0
    • Sqft: 2896
    • Baths: --
    • Lot: --
  2. 1027 Bedford Rd, Grosse Pointe Park, MI Home For Sale
    1027 Bedford Rd, Grosse Pointe Park, MI 48230

     For Sale: $434,900

    • Beds: 5
    • Sqft: 4216
    • Baths: 4.0
    • Lot: 11761
  3. 3820 Mckinley St, Dearborn, MI Home For Sale
    3820 Mckinley St, Dearborn, MI 48124

     For Sale: $74,900

    • Beds: 3
    • Sqft: 952
    • Baths: 1.0
    • Lot: 5227