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Updated over 5 years ago on . Most recent reply

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How to start with high debt

Posted

Hi BP community,

So I have a strong interest in rental properties and most likely am looking into purchasing out-of-state because LA and orange county are difficult to cash flow. I've only begun saving up for a down payment, but I wanted to know if there was any way I could be financed for a rental property with high debt?

In my case, I, unfortunately, have $150,000 in student loan debt due to bad financial advice until it was too late and would like to start investing in rental properties to cash flow and help pay off my student loans!

I have a great credit score but only make $45,000 currently. Are there ways for me to qualify for loans for investment? 

Any advice is welcome!

Most Popular Reply

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869
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George W.
  • Investor
  • New Jersey
920
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869
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George W.
  • Investor
  • New Jersey
Replied

With mortgages pre-approval is gonna be pretty heavily based on debt to income ratio. You should try to either raise your income level or lower your debt level in order to get a bigger mortgage. I'm not a mortgage guy so I'm not 100% sure but maybe if someone was co-signing it would help. Other than that you can try owner finance.

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