Trying to obtain rental properties ....

[Kenneth Vargas]

We just moved to central Florida back in April 2016 and also own a home in Pittsburgh PA which are currently renting. I have been keeping my eye out for a few rental properties around the area. My wife and I saw a 5BD 3 bath home in our HOA that they are selling relatively cheap. I would love to but it for rental. A few caveats ... We are in a battle with one of our creditors which is reporting as 180 days delinquent on a mortgage that they took over from another mortgagee .. Long story.. We have a claim in with Consumer Financial Protection Bureau and they are looking into bad business practices. Anyway.... My wife works for Quicken Loans and could get a pretty good rate and not pay a lot out of pocket. Is there any way to get these properties to rent? How can we use the renters credit or is there such a thing?

[Jay Belcher]

If the dispute is through Experian then good. The CFPB sounded a little generic. There's a lot of "credit repair" groups out there that aren't always the best solution - glad to hear you are doing it through Experian.

I suggest you talk with a mortgage pro (perhaps your wife has contacts via her work to an underwriter) - in short you need to get to the bottom of whether you can move forward with a new loan before the credit issue is resolved.

Beyond that is sounds like you have a potential property picked out. Now you need to run the numbers - on a BP calculator or many other places online. Find whether the house make sense as an investment.