I have money and credit. but no income
Hey guys I got about 250k in my bank account. I only made about 8k this year, I started my job in may (in the middle of the year) its 100% commission based, and my credit score is in the low 700's. I spoke to a lender about financing, but they said they will not be able to lend to me due to the fact I have low income. I want to purchase a rental property in FL Broward county. I want to purchase a rental property first then do fix and flips.
I'm thinking about buying a property in all cash @ 80k I'll have a 10% cash on cash return (but a significant amount of cash will be tied into one property)...I was thinking with this property I'll do asset lending mortgage to purchase my second rental property. and with the rest (170k) I'll work on fix and flip deals.
This is the only idea I could come up with currently.... is this a good idea?