I was able to save up enough money for a down payment for a 2nd rental property. However, I dont have the income to qualify for the mortgage. Any suggestions on how I can go around with it?
Your only real options are to (1) find a lender who will qualify you, (2) find a co-signer, (3) find a cheaper property and pay cash, or (4) start heavily looking into creative financing options, like lease-purchase/subject-to financing.
Who did you ask for a loan? Banks tend to be much more struck so I recommend talking to a mortgage broker. It is often times easier to qualify. Has your first rental apprared on your taxes
Are they not counting the rental income?
i checked with the bank. and yes they are counting the rental income. I will try with the broker!
definitely recommend that! Wellsfargo won't lend to me but they will buyu loans :)
i have heard alot on bp about partners or jv's look into it. it would be alot quicker...someone else has the credit but not enough skin to put in the game...you could help with that and benefit tremendously.
How do I look into partners and what are the qualifications?
@Lalaine Hagler Did you only try the big banks like Chase, Wells Fargo etc??? Maybe try the small local banks in your area that hold their own loans as their qualifications might be very different. Most big banks (Chase, Wells Fargo etc.) sell their loans to other banks so while you might get a longer term loan with with them at a slightly better rate, they have usually stricter requirements.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!