We are going to try and buy a number of single family residences in the coming months. The only issue is I'm trying to get prequalified to purchase our first one $110,000 and it's having to go to the underwriters to approve because we don't make enough money. I thought with the monetary assets we have that it would have been approved out right. I suspect the underwriters will approve it but it makes me doubt that we'll be able to get another loan when we want to buy our next property. We have the funds to buy the properties outright but want to use other peoples money. Any advice?
Sounds like you need a lender that will do a non-owner occupied business purpose loan that doesn't require income verification.
Those are generally more expensive than Fannie or Freddie, but they close all the time.
You can buy PR 1-2 unit and 2nd home 1 unit under assets based program. FICO and down payment requirement is higher under this program.
@Kerry Christensen are you buying an investment home or your primary home?
If you have equity in a primary residence you could get a HELOC and leverage that for the next purchase...or pay cash for the property and get a cash out refi in 6 mo to get your cash back (all of it hopefully) and repeat.
@Kerry Christensen how about using bank statements to qualify. If not you should be able to find deals with 25% down as long as the mortgage payment is less than the rental income