You should speak to the commercial loan departments at the banks and/or credit unions.

Establish credit if you haven't alreadyStep 3.

Issue is my credit is damaged working on repairing it.

Theres a home equity line of credit and a home equity loan.

Let's say you did a Credit Check which was not good, but the tenant claims it's from an event like a divorce or student loans or a hack.The next thing I do is an Eviction and Criminal Background check and a Bank Statement Check to make sure that the prospective tenant is not pulling the wool over my eyes.Imagine that the prospective tenant has a rap sheet pages long and you decided that he looked honest enough and let him in.There are so many horror stories of bad tenants and yet I see posting from new Landlords all the time skipping a FULL due diligence Again and Again!

I'm in a neighborhood where some folks don't have the greatest credit.

Revolving Monthly Debts (Shown on Credit Report): $2.607.89Monthly Income: $8,378.83Monthly Mortgages for Current Properties: #1 $329.86 and #2 $927.67Rental Income: #1 $950.00 & #2 $1,300 (Estimated)

Both have 720+ credit scores.

If you have debt, student or credit, work at clearing all bad debt first and increase your credit score.Personal home owner ship is not a investment it is a liability so if you wish to invest concentrate on that first.

I just recently learned there is a difference and it has burned a few people looking to buy a first property.pre-qualification is based on the questions asked and information given to the broker/ loan officer usually via a quick phone conversation and is a quick credit check process to show qualification.pre-approval is more in-depth, meaning you sent tax returns and pay statements to them to verify all information you told them over the phone or in person.