What's the best way to get mortgages if you're self employed?

[Derrick McLean]

Hi All,

I'm currently self-employed, I know I won't be able to qualify for a mortgage due to being newly self employed. However, I want to start investing in real estate next year. 

The best ways to combat this I think would be, a.) joint venture with my parents (they already own 2 rentals) b.) get a large multi (5-8 units), or c.) possibly get a mortgage in my parent's name and pay them extra interest.

Which would you guys recommended or avoid and why?

Thanks!

[Stephanie P.]

@Derrick McLean and @Elijah Groves

Portfolio lenders don't care about your income, they care about the property's cash flow and your credit as a guarantor.  Consider using a portfolio lender while you're waiting for your business to season the required time period by Fannie/Freddie.  You can go back and get a Fannie/Freddie loan later.

Rates are higher on portfolio loans, but don't despair.  As long as the cash flow is there, they close.

Best of luck

Stephanie