Updated over 9 years ago on . Most recent reply
First Duplex-Financing
Hello!
I am looking at purchasing my first duplex, which is a bank foreclosure for $19,000. It is currently county assessed at $78,000, but needs some TLC. I have estimated that remodeling will run me about $15,000 as I will be doing the work myself. I have a full time job as a remodeler for a property owner, but am paid under-the-table and do not receive a W-2. I did work 10 months of this year in a salaried position, but have since left as of October. I have excellent credit (score of 800), no debt, and money tied up in investments (which would be unwise to withdraw). I am curious as to how my bank would attest to lending me the money for the purchase and remodel without a current paystub. Has anyone else had a similar issue and how have you dealt with this?