Home Loan for Real Estate Guy
I own ~9MM of real estate with a partner; but I'm trying to buy my own house, and it's challenging! Any ideas?
-My tax returns look crazy because all my income is offset by massive depreciation. Last year, my taxable income was like 7K.
-I pull in ~9K/month of cash flow, but it's all tax free from the depreciation
-I can harvest ~$1MM of cash at the end of this year after I refi some mobile home parks, but my DTI will be high then
Traditional lenders scoff at my taxable income, as if it's really the income that I make.
Are there loans that can look beyond the fact that I don't have a W2? Could do a DSCR and pretend it's a rental I'm looking for, but nothing pencils in Denver on that front. I guess I could do like a 50% down DSCR loan and it might pencil DTI-wise.
Any ideas out there?