I just joined the BP forums and I have already read a lot of great information. I've been interested in getting into real estate for some time now but to be honest have been hesitant to "pull the trigger' and purchase the first flip and or rental home. I'm currently self-employed. The business is seasonal and i'm looking for ways to build my portfolio while trying to keep my help employed throughout the winter by helping with a flip and with potential rental properties. To get started I could use some cash or a business line of credit. How would you get started? Thank you for any suggestions!
Your income will be calculated from tax return because of nature of job. You need 2 years of tax return for conventional or FHA loan. If you think you won't be qualified you can work with portfolio lender, they do count income from your 12-24 month bank statements. Interest rate will be higher but they don't charge upfront fees.