More creative financing lenders

[Wenhao Leu]

Hi all, I am a newbie here at BP, but I am starting out to look for properties to invest on a buy and hold basis. However, I realized that my situation is quite unique. I am self-employed and I didn't declare a lot of tax. But i do have a bit of cash. Are there lenders who will lend base on the cash I have and also the rent income that the property comes in?

For example, if I have $150k in the bank and I want to buy a $130k property, which brings in $1200 a month of rent, would there be a lender be willing to just look at that and approve my loan?

So far it seems more lenders I work with have the traditional requirement (e.g., debt to income ratio below a certain amount). I just don't see much risk with the situation I mentioned above, unless of course I am completely without a job and wasting away my saving. 

[Chris Mason]

@Wenhao Leu,

Lender and property. You can be almost anywhere you please, including at an American Consulate in Mexico after finishing your freaking boat race to Mexico that you didn't bother telling me you were going on when we opened escrow!