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Updated 11 days ago on . Most recent reply

User Stats

12
Posts
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Keegan Rosett
  • Investor
  • Minnesota, USA
14
Votes |
12
Posts

Denied for Pre-Approval — Now Exploring Creative Financing for First Home

Keegan Rosett
  • Investor
  • Minnesota, USA
Posted

Hey BP community,

I recently took a shot at getting pre-approved for a mortgage through a local lender — a friend of mine. Being a new entrepreneur with little to no provable income, I knew it was a long shot. Sure enough, I was denied for pre-approval.

That moment kicked off a wave of conversations around creative financing, and I started learning about strategies like seller financing, subject-to, and finding off-market deals. The challenge now is: how do I actually find these types of deals?

As someone brand new to the industry:

  • Where do you even begin to find sellers open to creative terms?

  • Are there specific lists, tools, or marketing methods that helped you early on?

  • Has anyone here partnered with investor-friendly communities or individuals to help get that first property under their belt?

My personal goal is to own my first home (ideally a house hack or small multifamily) by the end of 2025. I’m committed to putting in the work — I just need some guidance on where to dig.

Thanks in advance for any advice. Grateful to be in this community as I navigate the early stages of my investing journey!

Keegan

  • Keegan Rosett
  • Most Popular Reply

    User Stats

    18,905
    Posts
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    Chris Seveney
    • Investor
    • Virginia
    16,397
    Votes |
    18,905
    Posts
    Chris Seveney
    • Investor
    • Virginia
    ModeratorReplied
    Quote from @Keegan Rosett:

    Hey BP community,

    I recently took a shot at getting pre-approved for a mortgage through a local lender — a friend of mine. Being a new entrepreneur with little to no provable income, I knew it was a long shot. Sure enough, I was denied for pre-approval.

    That moment kicked off a wave of conversations around creative financing, and I started learning about strategies like seller financing, subject-to, and finding off-market deals. The challenge now is: how do I actually find these types of deals?

    As someone brand new to the industry:

    • Where do you even begin to find sellers open to creative terms?

    • Are there specific lists, tools, or marketing methods that helped you early on?

    • Has anyone here partnered with investor-friendly communities or individuals to help get that first property under their belt?

    My personal goal is to own my first home (ideally a house hack or small multifamily) by the end of 2025. I’m committed to putting in the work — I just need some guidance on where to dig.

    Thanks in advance for any advice. Grateful to be in this community as I navigate the early stages of my investing journey!

    Keegan


     the first question I would ask is, do you have income? 

    you mention you are new entrepreneur with little to no provable income.

    What is your income stream and are you better off building your business? 

    • Chris Seveney
    business profile image
    7e investments
    5.0 stars
    17 Reviews

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