With bad credit, it is doubtful a bank will give you a loan for investment property. All you can do is try a mortgage broker to see if he has any lenders that do mortgages on less-than-pristine credit, but with today's credit crunch, don't get your hopes up.
BTW, it would also help if you could show existing financials (rental income, costs to maintain, etc.) to the banks.
The long and short of it is no. You must be owner of the property in order to refinance. Your first step is to consider buying the property. If you have bad credit it would make sense to work at improving your credit over time. Once you have done this you may still need the assistance of a credit worthy co-buyer. Both parties names would go on the property deed.
Before entering this arrangement you would do well to consider all expenses involved in maintaining a rental property. You will need to afford the mortgage, mortgage insurance, maintenance, materials, property management and be willing to deal with clients, standards and have a good understanding of property and rental laws in your area.
You will need to afford a lawyer and certified maintenance person.
This is just the tip of the iceberg. Still if you have the stamina, smarts and determination you can make a good living.
Because of your credit status after you have mortgaged the property you may opt to refinance the property at a later date. Home loan refinancing has it's advantages. Refinancing can lower the monthly mortgage payment and reduce the interest rate on the loan. This can help you meet expenses.
If you are buying the rental home, it would not be a refinance. It might be an assumption with the lender's approval and the seller carry back a second unless you have the balance to pay in cash.
People need to clean up their credit before they can buy unless they find a very motivated seller who owns the property outright and will provide the financing.
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NO! What planet are you on that you think you could do that? ONLY the owner can have anything to do with the loan on their property.
It is very hard to buy with bad credit. Rent for a few years, pay off some debts, save some money and THEN try to buy.
Your question makes no sense. How can anyone finance a loan for a home they do not own and the 2 rental properties you have but you don't own???? Makes no sense. You will have to rephrase your question.
no wonder you have bad credit...
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