Getting a loan for first multifamily investment property

[Nathan Cox]

Ok here's my situation, I am  24 years old living in Alaska. A couple months ago I used  the money I got from an inheritance to buy my first condo cash outright for about 120k.  Now I am interested in eventually renting it out and buying a multifamily property to live in and rent out remaining unit(s). I was just wondering if you guys think it will be difficult for someone like me to get a decent mortgage loan for something like that. As I stated above  I am only 24 years old and don't have a very good credit score (660). I have a pretty well paying job and could probably save up some for a down payment. I figure I would need at least 300k to get the type of property I'm looking for in my area. What do you guys think my options are? How much would I need to save for down payment? What kind of interest rates am I looking at? Will the fact that I own property outright already help me? Thanks in advance for any insight I am very new to all this. Nate 

[Jeff S.]

Not likely through regular channels. Lenders like a track record of successful investing. Lenders like a good credit score.

In Alaska there should be some people with cash that need to invest. Look for a private lender that can finance the property for you. First though, you need to learn what you are doing. Renting out your condo a good first step. Where you live in the mean-time is something you need to figure out. Good luck.