Hello everyone! First thread here on BP! I'm still wet behind the ears and looking for my first deal.
I started up a window cleaning, pressure washing, and gutter cleaning business August 2016 but that was under my Father-in-law on his books, and I started up officially under my own business license in February 2017. My income is still low, roughly 27k gross from my business and ~10k from trading options. So 37k on the year here. I'm married, but my wife is staying home with our baby. Since I started in February I don't have any tax returns on the books to take to a lender. Any advice on getting financing for my first rental or flip property? I went to one portfolio lender and it was a hard no until at least the 1st return, but probably 2 years worth of returns.
I found a few properties that pencil well and should cash flow a few hundred per month. How do I get financing approval? Thanks!
-tied up in a 1 year lease renting a property until August 1st.
-only debt: $100/mo for student loan
-credit score falls within the excellent range
-~28k total to put into a deal, leaving 8k for family emergencies
There are some portfolio lenders that will do a 24 month bank statement for self employed or rental cash flow. The rate will have the risk factored in but as long as the deal works with it.
However I am unfamiliar with lenders in that area of the country.
I have a stated income option. No returns needed only recent bank statements
Isn't a 24 month bank statement more or less the same as 2 years of tax returns?
Tarik, I'll PM you. Thanks.
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