Buying MFR NOO w/partner - financing questions

Financing, Hard Money Lenders, Private Money
1

A friend and I are planning to buy multi-family properties as investments in IN or OH

He has a very high income $100K+, but no credit history.

I have a high credit score (~750), but no documentable income in the US.

we are wondering what we will get approved for. can we use my credit score and the partners income to our advantage?

looking at properties ranging $50K - $800 K, just don’t know where we stand.

These properties would definitely have positive cashflow.

any help would be appreciated. thanks.

2

With the high credit score you can do a no doc loan but it might be difficult to cash flow. Sounds like there’s sizable income for downpayments though so you should be ok.

If you plan on purchasing and fixing up then you should have no issue getting a private money rehab loan.

3

Plus, there are different loans for multi-family properties.

Most lenders will concider duplex, triplex and quads in the residential mortgage transaction. Anything that is 5 units or more would be concidered a commercial transaction.

Each transaction type has its own rules, just as each mortgage broker and bank has its own policy on loans and lending.