Hey,

My father and I started looking at several properties in the Bronx in order to get our feet wet and learn as much as possible about our area before investing. Having my Real Estate licence has allowed me look at and analyzed many different homes, but now we have found a deal too good to pass up. Because we where not expecting to get in so soon, we are not financially prepared or meet bank requirements for a loan due to job history or cash income. I am hoping that some one can give me some advice to how to buy a $370,000 multi family home that rents for $4950 per month and potential for more.

Here are some additional details... In addition to my real estate income I work at Sleepys (mattress store) which brings me to about $75,000 per year, but because my job is commission based I need to show 2 years of consistent employment in order for the banks to consider my income which leaves me in a tough spot for a loan. My father in the other hand, has over 15 years in his position and makes about $52,000 per year, but his tax returns reflect too many expenses in his business which leaves him with an income too low to qualify for the necessary amount. So, we have been thinking about trying to get private money or hard money to buy this home until we can refinance it later with a bank. By the way both of our credits are well above 700 and we will be getting some cash in the next couple of month with will allow us to pay up to 50% of the property value. I know that if we put down 50% it will be much easier to get the refinance later, but there is so much competition in the Bronx for multi family that I am worried we may loose the opportunity. Can anyone offer any advice?