Tuesday, September 21, 2010

I got my eye on some multi-family real estate, do I have a chance of being pre-approved?

I'm 24 y/o, I made 45K last year. I own a house with a $1,100 mortgage that i'm renting out for $1,100. I also have a duplex w/ a $1,150 mortgage that gets $600 (i live in the other half). I owned the house for 2 yrs. and the plex for 6 mos. I can get $60k in home equity lines of credit between the two of them. In my area 4 families are available for 360K and produce $2,400/mo. There is also a awsome 20-unit for 1.1 mil that produces $9,200/mo. do you think I have a chance, if not what do I have to do to meet my goals?