Financing Roadblocks with Traditional Mortgage

[Brittney Knies]

I just bought my first rental property in September, and when looking to get a pre-approval on my next property, was met with the news that  I could only invest in something up to $45K or a unit that already had tenants due to their debt to income rules (I also have a mortgage on my primary residence they are including in the equation). 

What other options do I have to finance my next deal? I've heard about trying to get an investor but don't know how that's structured. And I'd prefer not to take out a HELOC on my primary residence. Any thoughts? Would really appreciate any help because now that I've started, I don't want to stop!

[Chris Mason]

Originally posted by @Brittney Knies:

I just bought my first rental property in September, and when looking to get a pre-approval on my next property, was met with the news that  I could only invest in something up to $45K or a unit that already had tenants due to their debt to income rules (I also have a mortgage on my primary residence they are including in the equation). 

What other options do I have to finance my next deal? I've heard about trying to get an investor but don't know how that's structured. And I'd prefer not to take out a HELOC on my primary residence. Any thoughts? Would really appreciate any help because now that I've started, I don't want to stop!

Assuming the thing you purchased last Sept is cashflowing, what you were told is all wrong. Go find an investor-friendly local lender.