Profile picture for souksph

What loan should I get ?

I want to buy a single unit property for rental income, But my debt to income ratio is too high. What loan should I get to purchase a home? Is there even a loan out there for people with high ratio?
  • January 10 2009 - SCC
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Answers (11)

Profile picture for Mr Caveat
none, you should be able to afford the property's upkeep even if you find it un rentable ~ 3 months a year. that means a positive balance sheet bro!
  • January 10 2009
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Profile picture for souksph
I'm a bit confused, so If I can afford the monthly payments, I would be able to qualify? I'm looking typically around 50,000 (2bed 1 bath type houses), to start small and work up. I can down 10% and still have reserves to last 6 months after closing. 
  • January 10 2009
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No good loans are available under those conditions, but there are always hard-money lenders willing to lend at a higher rate and cost.
Another approach might be to team up with a partner who can lend assets and credit to help you buy in return for a portion of equity.
  • January 11 2009
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This may sound silly.  But look for a property that has more income.  Other than a 1 unit for income property.  Look for multi units  The underwriting different and you may use the income from the other units to help with the your ratios problems.  This will take a take a very knowledgeable Agent and Mortgage rep.  But it is worth looking into.  
  • June 01 2011
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Investment properties need at least 20% down...and 25% is much better.  You don't appear to have alot of options. 

  • June 01 2011
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This is truly the market to think outside of the box.  Not all transaction fit in the same box.

  • June 01 2011
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Profile picture for Dunes....
Think outside the Box...
Ya mean instead of responding to current questions like the other people (Thinking inside the Box) you dig one up from 2009 (Thinking outside the Box)
  • June 01 2011
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The answer is to find an agent that has the knowledge to find a solution to the problem.  There is a way to get this done. Feel free to contact me.
 
  • June 01 2011
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Profile picture for souksph
Thank you for the Reply. It has been 2 years and I managed to Acquire 5 single family property. My passive Income + my job I make roughly about 5,000 a month( that is left over after all my expense!). I been reading a lot about real estate investing, the market and paying attention to what our Fed is doing etc. Not liking what I am finding out though. A lot of bickering and problems with our country which I didn't even know of. Anyways, I'm working on a duplex soon. And you are very right Christopher! I been thinking outside the box the last 2 years! Real estate is very amazing!
  • June 01 2011
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Congrats.  Your kind success is why we play.  If there is anything I can help with.  Feel free to contact me direct. 
Keep the Momentum going...
  • June 02 2011
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  • September 29 2012
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