could someone with experience please help me with this?
I have purchased a home with cash, paid 67K but worth more. Now I would like to invest in either another home or an apartment complex with 2-4 units.
My problem is that I live and work outside of the country and cannot verify my income with w-2’s. So banks will not help me.
I’m thinking that I can somehow use my first house as collateral but not sure exactly which way to go. I’m also thinking that instead of living in my first home, I could rent it out and buy an apartment building and live in it for a year so that I could qualify for the benefits of owner occupancy. However, the tricky part is getting a loan.
Any advice would be very helpful.
Put 50% down and you can find many hard money lenders that will take a gamble on you.
is your house is multistory? if it is , than give out one story on rent, and use other for you.
My current house is single family, but want to buy a 2-4 unit building to live in one unit and rent out the others plus rent out the house.
ok. to qualify for appraisal or mortgage you have to complete your stay first. i think u should take an apartment on rent and rent out your existing accommodation. if you are in urgent need of funding than your relatives can benefit you. one more idea i have if you can manage than make a partner who is already a resident, you can get appraisal on his behalf if he agree. by this way first you can arrange fund by admitting a partner in your business and secondly can qualify for mortgage.