Off the top of my head, find a partner that is willing to either help with the cash or with the credit so that your DTI works on deals.
If you're doing flips, hard money doesn't normally go by your credit or DTI.
@John Morgan I'd agree with whats already been stated here go with an asset based lender, know your numbers and make sure that the deal is worth making.
I’m currently dealing with the same problem. The advice I was given, aside from private investors, was seek financing from your local credit unions first, then banks. I’m sitting inside a local credit union at this very moment hoping to get approval. Wish me luck and best of luck to you!
Thank you for replying!! I’m sorry you’re also experiencing this also! It’s definitely a headache and requires us to think outside of the box for creative ways to finance. Best of luck to you and please if you don’t mind please update me on the outcome of your situation! I’d love to stay connected with other people who are also In the same boat as me! 😁
@John Morgan Have you work on your student loan payment plan? That help to lower your DTI.
@John Morgan Hard money lenders are asset based lenders so your DTI shouldn't matter as much to them. But they do have higher rates than a bank. Pros and cons as with everything
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
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing