Brooklyn, NY · Member since 2015 · 58 posts · 9 votes
Would love to get some help :)
I have 90K cash
It's the first house I'm buying
Looking for an investment property for cash flow
I don't have any debt
My income is only 25K a year.
The banks wouldn't give me a mortgage since they say that my income minus my current rent and other expenses doesn't leave me any cash for a mortgage payment even that I would be renting out the property I'm buying and that would cover the mortgage.
Any ideas how to get a mortgage with those numbers assuming I'm not going for primary house?
2. Start a side hustle. Report that as income on your taxes. And do this for two years. Then the self-employment income will allow you to purchase a property.
3. Find a private money lender (friends/family)
4. Find a portfolio lender. A credit union (usually) that does not sell their loans up to Fannie and Freddie.
You need to fit within Fannie and Freddie's standards in order to apply for conventional mortgages. You likely will not do that making just $25k a year so one of these options is better.
Brooklyn, NY · Member since 2015 · 58 posts · 9 votes
8y
Hi Brian, yes I posted three times in forums that I thought it's relevant, I'm new here (joined in 2016 but wasn't active more than a week), can you post the same question in different forums or it's not ok?