I guess this is a starting out question also.

[Steve Gunasingh]

Hello BP, I have been working on finding a property to invest in. I have about $30k for a down payment however I am not able to qualify for a conventional loan because my debt to income ratio is too high when the mortgage payment is added into my expenses.(E-3 in the military) Wells Fargo has a loan for future income based mortgages however I need * Receipt of a security deposit from the tenant and verification of the deposit into your  account * 2 months of bank statements verifying receipt of rental income. So I can only purchase a home with someone living there already. My problem now is how do I go about finding such a property? I want to find one in Washington or Oregon. I have considered this turnkey management "www.homeunion.com" but they only operate in the East coast.

[Ali Boone]

Hey Steve, a few things for you...

- The reason HomeUnion and those guys are only on the east coast is because the west coast really doesn't offer a lot in terms of properties that will cash flow. 

- You'll never be able to get a loan from Wells Fargo on an investment property. Not easily anyways. The big banks very rarely will ever close on an investment property loan. They tend to find every which way out of it. They just don't specialize in those types of loans. The key with any investment property is to find an investor-friendly lender. Without one of those, closings will be difficult. It's possible that y talking to one of those they may be able to get you qualified, who knows. The big banks don't have any budge room whereas the smaller guys, and especially the investor-friendly ones, tend to find ways to get things done that the big banks don't have as much access to (simply because they don't care to worry about it).

- If you are interested in the types of properties like HomeUnion offers, mainly turnkeys, there are turnkey options out there that offering private financing. So regardless of whether you qualify for  a mortgage or not, you could still get financing.