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/biz/ - Business & Finance

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1939674 No.1939674 [Reply] [Original]

Guys I'm thinking about buying a house and renting it out, and possibly parlaying that into a few mor, houses as an investment.

Can I get anything done with the resources I have now?

1) I've $20,000 combined savings and credit limit

2) I've 700+ credit score

3) Annual salary $39,000

>> No.1939760

>>1939674
Banks don't usually give loans for rental properties to people that don't own the house they live in.

either way to get a loan for a rental will very likely require much better credit and down payment than you have. Depends where you live though.

You could probably get a loan for a house to live in though. Assuming your debt isn't too high.

>> No.1939818

>>1939674

Whatever you do, do not go for an adjustable interest rate, even if that is all they offer you. You will get screwed.

>> No.1940254

> You could probably get a loan for a house to live in though. Assuming your debt isn't too high.

I have no debt. Okay but I can live in the house and rent out rooms right?

>Depends where you live though.

This is the real kicker I live in NYC.

>> No.1940262

Never fucking buy property, if you do the math you will realise its a bad investment. Invest you money in REITS or something if you want to invest in the real estate market.
Unless its in a prime location for airbnb business. And the numbers check out.

>> No.1940263

>>1940254
Start looking in jersey.

>> No.1940330

>>1940254
Airbnb to rent out rooms and overcharge people

>> No.1940409

>>1939760
Can you buy the house and not tell the bank you're going to rent it out?