Best option for the newly self-employed?
Hello, folks. I made the transition to self-employment in 2018. Recently sold a house for a nice little profit. I already own my primary residence out-right (paid cash) and have one rental with a note. Thing is, I’d like to pick up some rentals but I don’t know if financing will touch me. My credit score is over 700. My net income was 43% of gross for the business, but 2019 will be year two.
Should I buy more rentals with cash and worry about refi after I have two years in?
Or do you think I have other options?
Most Popular Reply
My only recommendation is...Don't do any guessing. Find a good mortgage person in your area (hopefully one that deals with a lot of investors) and ask them. They should know what options are available for you now and what you need to do to get financing. I've probably spent hours online just reading about different mortgage options...Then I found a great mortgage guy and I was wrong about everything, lol. Don't waste your time; find a pro.