Hey, so I’m a new investor. Done 1 and working on 2 more if I can get the capital. Since I’m new and young my tax return shows I made almost no money last year working for my dad, the banks won’t loan me money. I have to start somewhere and need money so was wondering what y’all recommend? Do I try to get private loans from people I know or how would y’all go about doing it? I’ve put a house under contract and still don’t have money to pay for it and am hoping to close that in the end of January so I’ll need to get something quick! Thanks
Network with local investors and ask them for hard money lender recommendations.
If you have strong bank deposits you can use a bank statement loan where they use 12-24 months gross deposits and divide 60% of income over total months for income. No tax returns, W2's or 1099's needed!