After BK-Purchase home or keep $ in bank - Posted by D.Van

Posted by D.Van on December 18, 2000 at 08:28:01:

It will be a year after filing Ch.7 BK. We plan to move to Naples/Bonita Springs Fl and want to purchase multi-family unit for REI. My question is this: We have 20% down to buy a modest home or keep our $ in the bank. In order to get financing to purchase multi-family unit, would it be best for us to purchase a home and use that as collateral for the multi-unit financing or keep the $ in the bank ? Which do you feel would look more favorable to a lender? We have also thought about purchasing a modest home, then doing a L/O. I’m not experienced enough to know what is the best route to take when our primary goal is to attain financing for REI. Thank-you. We are currently rebuilding our credit-with credit card limit; always on time for mortgage and car payments.