Too young for Conventional?
Hey all-
I am 19 years old and looking to pick up 1-2 rental properties in 2014. I have owned a landscaping company for the past 3.5 years, and have grown it to net around 40k for 2013. However, I was unable to form a business before I was 18 due to laws in Michigan, and did not record any taxes for the first year and a half. For 2012, my taxable income was very low due to shielding reasons. This year, I am running more through the books to try and apply for a mortgage.
With that being said, I currently have a flip on the market that I have 50% equity in. My father bought it under his name, and we are selling it for an estimated 50k profit.
I am wondering if there is any chance a bank would lend to me. My bottom line is:
1)little to no realized income before this year (still have some income shielded)
2)After the sale of the house, my savings will be close to 85k
3)My credit score is sub par, below 700. This is due to having a small credit limit and only having a card for the past 8 months.
4)Could my dad co sign my mortgage loan? He has sufficient debt-income for a personal loan and outstanding credit.
5) I found a small bank that keeps their mortgages in house, but want to wait to approach them until after the sale of the house to show them my padded savings.
Thank you