Coming up with the cash

[Caleb Reits]

So it looks like we need to be pre-Approved for around 350k in the Grand Rapids, MI market (well at least as far as Multifamily goes!) Trying to figure out what the best way to get approved as I am a 1099 employee and the more I show I make the more I pay in taxes. I might combine my income with my girlfriend's income to get a more favorable loan. Thoughts on this method as a first time property owner? 

Anybody have any other thought or ideas, on how to get are pre approval higher without paying a lot. Maybe different loan strategies for someone in a similar position? Thanks in advance!

[Dan M.]

Its tough but generally traditional financing will go off the past 3 years of your tax returns. If you can find a good deal you could do hard money to purchase then refinance afterwards with a commercial mortgage/portfolio loan if you find a lender that will lend on the deal as opposed to income based.  Another alternative it was just on the latest biggerpockets podcast is to find someone with money, create an llc, and purchase it that way and split the equity to get started. 

Also you could go outside of your comfort zone and buy in a more affordable area? Check with a couple lenders first and see what they say, it won't cost you anything and at least you can see what you preapprove for.