Real Estate Agent buying Rental Property

[Mikhail S.]

Hey guys, looking for some advice. I have been a real estate agent since March of this year and I closed 3 properties and have at least 3 more buyers looking to buy this year. Previously I was working as project manager for a small construction company and I had a set salary. I worked at this company until April, 2019 and when my boss downsized I lost my job and have been a realtor full-time since then. I would like to get pre-approved for a loan to buy a rental property, but not sure the bank will approve me since my income has changed from W2 to commission based. Do I wait 2 years doing full time real estate to get approved? granted I will make good money or do I grab a full-time job, buy a property and go full-time real estate? 

Thanks

[Marc Winter]

@Mikhail S.,

Good for you!  Making that leap takes courage!

You are probably right, you won't qualify for traditional financing for a rental.  

However, as a realtor, you have some very special opportunities.  You are often first on the scene for a listing presentation--speak about seller financing.  There are always folks that can't sell but might consider a lease w option to buy.  You may know other investors in your market that would partner with you if/WHEN you find the right deal.

Can't qualify for a bank loan?  Get creative!