Metro Detroit, MI · Member since 2012 · 120 posts · 15 votes
I own 3 condos outright worth about $35k each.
I have about $60k in equity in a 4plex.
The house I live in is worth $350k and I owe $230k.
700+ credit score. Ready to put down 25-35% on more multifamily property, but am having difficulty going the conventional route due to my low income of about $15k.
I own various businesses/rentals and take a ton of write offs.
Possibly go with commercial financing on a well perfoming apartnent building and offer to put down more than 25% or even "pledge" a large chunk of cash with the bank.
You can possibly get a loan for an apartment building based on the apartment building itself and not your own credit and income, since it's a commercial property.