I make 30$ an hour. could i get a 400,000$ mortgage and buy some properties to rent out (i have a 60,000$)?

Answers:1   |   LastUpdateAt:2012-08-08 06:17:04  

Question
adder_viper
Asked at 2012-08-06 13:21:02
I make $ 30 an hour. about $ 50,000 a year. I'm single with no children. I want more income, so I want to get a mortgage of $ 400,000 and buy 4 different investment units . (100,000 $ each ) of the properties I have been looking at the average income of the four apartment buildings would be about $ 40,000 a year and after all! heat, electricity , taxes on everything.

I know that banks may not give me a loan of $ 400,000 for a house fly in just for me but where would the increase in my annual income of approximately $ 40,000 for the purchase of apartment buildings could get a mortgage ?

and I have a payment of $ 60,000 down. (15 % of $ 400,000 ) and I know most of my earnings go to pay my mortgage, but with the extra income would definitely be able to make payment.

I was looking at a mortgage calculator and a mortgage 10 years of $ 340,000 ( $ 400,000 - my initial payment of $ 60,000 ) to the interest rate of 7% would be $ 3.930 per month and my rental income would be $ 4000 a month , so we still have $ 7 profit .

I can not see why I could not get the cause of the mortgage could certainly make the payments but I am not 100% sure
so any info would help.
thanks
Answer1ashleAnswered at 2012-08-06 13:35:02
No, but you could probably get $ 100,000 loan and get one.
Answer2cowgirlAnswered at 2012-08-06 23:16:45
It probably could not do everything at once, but you could buy at least one property for $ 100,000 , then use the rental income from that to save the down payment for the next. So if your income rises above other $ 60,000, you will be able to get a second mortgage.

If you are going to enter the rental business as a business, you want to own each property separately , with its own mortgage and the corporation or partnership is operating . Thus, if a business is sued , the most you can lose is the investment in a business or property , not all.
Answer3AmosAnswered at 2012-08-07 12:40:02
Each property must have its own mortgage - you can not get a loan for ` four different places. You also probably can not get that much of the loan , either on income $ 60,000.
Answer4adeyeniAnswered at 2012-08-08 06:17:04
The answer is no.
The way you talk , it makes me think that you are an entry-level work and would be one that will be a candidate to be relaxed - . Not enough

Save your salary and wait five years before dreaming to use or invest in real estate. Listen , you're in good hands.
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