Colli Real Estate

I would like to purchase an investment property before the market starts to really rebound.?

I own my home, titled to me and no mortgage on it. I am 27 years old. the home is worth about 70,000 dollars. I want to buy a home with an equity loan and rent it out so that evantually i will be able to own 2 or 3 properties outright. What is the best strategy for going about doing this? Would it be smarter to invest in something else now? Homes in ashtabula ohio could be had for about 40,000 dollars. Also my credit is not the greatest about 600 and my income is only around 1200 a month but i have no bills other than utilities and taxes. how can i convince a bank to let me lend money? I would be taking the money earned from the investment property and paying the loan with that so the bank has little risk.

No, this will not work. You have awful credit (proof you will NOT pay) and very low income. The banks will not take rent you are not collecting into account. You have to be able to reapy a loan at the time you apply for it.

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