Private mortgage on investment property, self employed, Ideas?

[Jason Hubbard]

Hello All,

      I am new to investing and trying to fund my first property.  I have found a condo that I would like to purchase as an investment property and rent out as a vacation rental.  The asking price for the property is 84,900.  It is located in florida and I am in Georgia.  

      I have decent credit, over 700.  I had a job that was W2, but switched to another and now I am self employed.  I have only been so for one year.  I have inquired with a mortgage broker about financing this property but he is saying it may be difficult due to changing to self employment as the banks are looking for at least two years self employed for tax purposes.  So I am starting to wonder about feasibility and if I should look elsewhere for a mortgage?

     Additionally I have a potential partner on this that has his own set of issues for financing, specifically he does not show enough to qualify with the debt he currently has.  We are all married and we all have similar credit.  Everyone is self employed except for one.  My wife and I don't have excessive debt and will have the income to debt ratio.  

     Ok so go easy on me since this is my first stab at investing.  Any ideas with regards to how to get it financed?  We could easily put 10% down and probably get 15 to 20 percent down with a little time, although I am anxious to miss the deal as they do not come up for sale often at this property.  I appreciate any and all ideas and criticism.

Best Regards,

Jason Hubbard

[John D.]

         You are probably talking to the wrong lender.  Talk to @Chris Mason or another lender that has lots of experience working with investors and being creative.  Talk to local community banks.  Sure looks workable to me.