Hello all, I am currently in the RE market to purchase my first property. I am interested in a duplex/triplex to live-in rehab while renting out units. My main obstacle I have crossed would be as a college student, I work unconventional jobs, not proving much income at all. I do have money for down payments and I am currently attempting to wholesale distressed/vacant homes in my nearby area. My main question to BP would be what are ways I could finance to help me reach my goal of obtaining a duplex/triplex? I understand owner-financing but that is not always a likely choice. Is their any loans such as a 203k loan where one can obtain with proving little income? Or use potential rent gained to factor into the loan? Thank you BP community for any advice you have to offer! Justin

Hi @Justin Insley . Conventional and FHA loans, in my experience, are approved on the Cs of the borrower. To obtain financing based on the income of the asset, you have to get into larger commercial properties. Could still be residential, but over 5 units at least. Why do you think seller financing isn't feasible?

Originally posted by @Steve Vaughan :

Hi @Justin Insley. Conventional and FHA loans, in my experience, are approved on the Cs of the borrower. To obtain financing based on the income of the asset, you have to get into larger commercial properties. Could still be residential, but over 5 units at least. Why do you think seller financing isn't feasible?

 It's feasible just not as common from what I see as acquiring a loan from a bank. And every owner I have come across this far wants full sale price at close. 

As @Steve Vaughan has said,

Any government program will be by the book: 1003 app, Personal Guarantee, DTI, etc.

Learn about 203(b)

http://search.usa.gov/search?affiliate=housingandu...

Seller financing is negotiated face to face, 

not over the phone.

Start with a quality property and a motivated seller.

Search "how to negotiate with sellers Brian Gibbons"

http://www.biggerpockets.com/search?utf8=%E2%9C%93...

I have written extensively on that subject for over 5 years on BP.

@Justin Insley