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Updated about 1 year ago on . Most recent reply

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Gregorio Villar
  • Las Vegas, NV
11
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29
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How Do I Finance My Third House WITHOUT W2 Income?

Gregorio Villar
  • Las Vegas, NV
Posted

Hi Everyone,

I bought my last 2 properties while I still had a W2 job. One property is a condo (in CA) that I rent out, and the other property is a house (in NV) that I live in and rent out the other rooms.

I quit my W2 job last year to start a business, which is slightly profitable today, but I reinvest everything back into the business.

I have a bunch of cash saved up and am comfortable deploying $100K into another property in Las Vegas ($80K down payment + $10K furnishing + $10K margin).

The only problem is that I’m not sure how to finance my next house without W2 income.

I talked to a few lenders about DSCR loans, and most say they calculate rental income based on the entire house, instead of by the room.

I would love to get the creative knowledge of the BP community on how to fund my next home 🙏🏼

I'm also open to any lender referrals 😊

Most Popular Reply

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7,842
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Bill B.#3 1031 Exchanges Contributor
  • Investor
  • Las Vegas, NV
9,698
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7,842
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Bill B.#3 1031 Exchanges Contributor
  • Investor
  • Las Vegas, NV
Replied

If you have 2 years of landlord tax returns you should be able to count 70% plus of that income. If you only have 1 year then quickly file thsi year’s taxes. 

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