Updated almost 11 years ago on . Most recent reply
Own 2 Multi Units in Chicagoland Area..What are my financing options for my next investment?
I am looking to expand on my investments, but I am not sure on how to get financed for my next property. I currently own 2 multi unit properties, 1 is cash flowing well, and the other was recently purchased with a 203k loan, and I am in the process of renovating it. I recently took a new position at my "full time" job and due to the pay structure it seems like lenders cannot even make a refinance work at this time. A large portion of my pay (about 80%) is based on gross sales combined with a low base salary. I have been in the same line of work for over 5 years, and all my previous positions had pretty similar pay structures, but due to this recent position change lenders are telling me they will need 1-2 years of history. I definitely do not want to wait 1-2 years to expand my business. I have excellent credit, and get paid fairly well. What are my options?