Income Requirement?

Question

I am looking to get financing for investment property. I currently have good credit, pretty good access to funds for down payment. My problem is I do not have great income. Currently working and internship, I think I might get hired for a good job in the next two weeks, but even then will not have a 1 or 2 year history of income to get a loan against. any creative ways (besides simple owner financing) to get a loan for investment property? I have been looking at VA and USDA reo's, as well as bank REO's.

Any ideas or am I dead in the water until a year from now when I can show a year of solid income history?

Elisha Lowe · Answer

Agree with Gregory, you should try to partner with someone solid work history. Good luck!

Gregory Childs · Answer

Jimmy,
It sounds like you have access to funds - why not partner with someone. Go meet your local REI club presidents and ask for a referral - or look at the local groups on BP. 
Most people looking for partnership deals have only sweat equity - it seems like you can offer some skin in the game as well. Do a couple of good flips and build up some capital reserves - that way you don't have to concern yourself with loans.
TTFN,
Greg

Jimmy H. · Answer

Jon, is that pretty much the outlook for me for the next year or so until i have a good income history?

What if i go straight to commercial non-recourse, is that a possibility? I have no commercial experience so the banks won't like that but I may be able to get the capital for a sizeable down payment

Jon Holdman · Answer

Some sort of owner financing.  Lease/option, owner carry, subject to, etc.  From a desperate seller who's willing to take a chance on you.