It is possible if the rents cover the mortgage. Your mortgage would be around 5-6k at a 7% loan for $1m, that's conservatively speaking. Find a local credit union to do the loan for you. Your rents would need to be around 1500-$2k per unit so to cover the mortgage and have some extra for expenses, which they require. That's called a coverage ratio and they typically like to see 125 to 135% of the mortgage covered. So if your mortgage is 5k/mo, they may want to see $6,750 gross income from the property or 135% of the mortgage, for example.
Oct 28, 2011