Updated about 5 years ago on . Most recent reply
Advise needed on starting over
I am a seasoned investor but after a divorce my ability to qualify for investments with his income being a backup is no longer available to me.
I am having to start all over. My only income now is coming from two commercial properties I sold on seller financing back in 2009. Unfortunately those payments are ending soon and I need to get something into the pipeline. I have secured a sfh in Texas on acreage and plan on doing a BRRRR. Here are the lending obstacles I have come across in the past two days after signing the contract: 1.) Sorry we don't loan on rural properties
2.) Sorry we will need 30% down plus points..
3.) Sorry you will need to show that your income will continue for at least 5 years.
4.) Sorry you will need 2-3 months of reserves plus 25% down
5.) Sorry we only loan on the appraised value or the purchase price - whichever is lower- it doesn't matter if you got a great deal
What should I do next?
Am I am looking in the wrong places?