What are my options if I own a building with about 710 credit rat

[Kevin Lee]

I own a building free and clear and I'm interested in a second building. The first building was inherited and is under my name, it should assess at 1.5 mil based on comparables. I have a full time job as a nurse and cred score is a little low at 710. I'm a first time buyer and I'm interested in a building. I was wondering before I go to the bank to get more approved what are some of my options for getting a loan of 1.3 million considering my situation.

[Shmuel Harris]

@Kevin Lee

Welcome to the BP community.

Plenty of great resources here.

@Eric Schleif will correct me if I am wrong, but you need to decide on a few things before moving forward. You will need to know how much you are planning on putting down. This will lower the mortgage amount, potentially making it more possible for you to secure a loan. Being approved for a loan will also depend on your current income. Working and owning a 6 unit property should bring you into the range that a broker will need to be able to secure you a loan. Obviously, it will depend on the numbers. 

Also, as an aside. 

Why would you be interested in going into a property that will provide negative cash flow? I ask because with the right down payment it is possible to find properties here in Bedstuy that will provide positive cash flow from the get go....

Some things to think about.

Let me know if I can help out.