Got the down payment! Can't get the loan...
Hello Bigger pockets community!! I'm 23 years old and currently trying to break into the world of real estate investing but found myself in a 'so close yet so far away' scenario. I work and live onboard a yacht in Fort Lauderdale, so while my income is nothing special my monthly expenses are $0.00. this has allowed me, over the years, to save up in hopes of beginning my dream. I currently have the money for a 20% down payment on a fixer upper in the South Florida area but find myself watching deals pass me on by because I don't qualify for the loan, yes, I've checked. my question is, would it be crazy to offer a small percentage of the deal to someone in exchange for simply co-signing? or does anyone have a better idea??
bit of quick info:
-70k to invest
-Avg yr income, on paper that is: 30k
-I am really set on going the conventional loan route.
Thank you guys!!!
Most Popular Reply
Talk to @Ash Hegde on this topic. He may be able to at least guide in the right direction towards getting a conventional loan. I think it will be tough with a 30k income on paper. I have had similar problems as well due to having a low income on paper even though I have a ton in my bank account and stocks. It's quite a silly system.