OfflineI remember the good old days when my credit was above 700 back before the shortsales of 2009 kicked my arse! Does this sound familiar? If it does there is still hope if you are interested in rental properties and you can get the seller of the properties to add you to the LLC that they own the properties in. There are several no doc loans available for seasoned refinanced based on Debt Coverage Ratio (DCR) whereby if the4 property NET's 1.5% or more of what the payment would be they will finance you up to 90% of the LTV with a no doc loan simply based on the DTC and seasoning of 12 months or more. If you can get the owner to add you to the LLC that has owned the properties for over a year you can immediately refinance with no money out of pocket and have a pretty serious cash flow stream coming in based on the size of the portfolio. There will be many rags to riches stories taking advantage of this opportunity if you are clever enough to spot it when it arises.
Happy Hunting!
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another way to get a loan is to have a seller carry the note for a couple of years while you improve your credit to a level where you can get a loan from a lender...
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
Much appreciated, Jim
jbischoff