Wholesaler 路 Jacksonville, FL 路 Member since 2019 路 55 posts 路 47 votes
Hey there, I am a real estate investor in Jacksonville, FL and I had a question about that best way to get financing for properties without currently having any income and not having 1-2 years of self employment tax docs.
I have plenty of cash and my credit score is 760, yet a lot of the lenders I speak to (credit unions, private lenders) won鈥檛 lend to me without income verification or tax records.
I am wondering the best way to go about getting financing to leverage my ability to purchase more properties. I know about HELOC and Refi but even those require some degree of income to get a bank to do it. I thought about acquiring a few rentals first with cash so that I could use those rents as income to help get financing.
If anyone has any suggestions, please let me know.
I am aware of hard money yet it鈥檚 difficult to get good lenders/rates for buy and hold properties.
I am also in Jax. I bought a few rentals for cash and have successfully re-financed 3 them without tax returns just based on assets and credit score. The LTV has been 70% so you do wind up leaving a chunk of equity in the property. The rates are in the 6-7% range for a 30 yr fixed.
I used a company called Resource Financial who was recommended to me by another investor. My contact is Alaina at nine zero four 429-1180. If you call her, tell her I sent you. She was great to work with.
Feel free to reach out to me if you have any questions.
I am also in Jax. I bought a few rentals for cash and have successfully re-financed 3 them without tax returns just based on assets and credit score. The LTV has been 70% so you do wind up leaving a chunk of equity in the property. The rates are in the 6-7% range for a 30 yr fixed.
I used a company called Resource Financial who was recommended to me by another investor. My contact is Alaina at nine zero four 429-1180. If you call her, tell her I sent you. She was great to work with.
Feel free to reach out to me if you have any questions.
@Gaetano Ciambriello my bank statements are a bit choppy, all over the place. I ran an online clothing business for a few years with a partner but it wasnt as organized as it should have been. Therefore, ita difficult for me to show the banks a clear cut statement/PNL sheet
Hey there, I am a real estate investor in Jacksonville, FL and I had a question about that best way to get financing for properties without currently having any income and not having 1-2 years of self employment tax docs.
I have plenty of cash and my credit score is 760, yet a lot of the lenders I speak to (credit unions, private lenders) won鈥檛 lend to me without income verification or tax records.
I am wondering the best way to go about getting financing to leverage my ability to purchase more properties. I know about HELOC and Refi but even those require some degree of income to get a bank to do it. I thought about acquiring a few rentals first with cash so that I could use those rents as income to help get financing.
If anyone has any suggestions, please let me know.
I am aware of hard money yet it鈥檚 difficult to get good lenders/rates for buy and hold properties.
non qualified mortgage (non QM) programs can lend to you up to 80% LTV based purely on cashflow no tax returns nor income verificaiton because its based solely on the rental income schedule.
As long as your monthly PITI is equal to or less than the rental income figure from the rental schedule on your appraisal you'll be fine.
So if your rental schedule shows a rental figure that is lower than the loan amount you need you may have to reduce your LTV to keep the monthly PITI in line with your rental income appraisal.
This is not a bank statement stated income program. This program doesnt look at any personal income just the subject property. The bank statement programs are like conventional lending programs except for they use your bank statements to determine that "number," and you'll still have to qualify for all your other liabilities. As a result the bank statement programs are more restrictive and have a tad bit lower rates than these cashflow investor programs.
@Account Closed I agree with Albert. Non QM or commercial loans only look at the property income, not yours. You do need good credit score to get better rates. Up to 80% of the purchase price is available as long as the property income supports it.
I am also in Jax. I bought a few rentals for cash and have successfully re-financed 3 them without tax returns just based on assets and credit score. The LTV has been 70% so you do wind up leaving a chunk of equity in the property. The rates are in the 6-7% range for a 30 yr fixed.
I used a company called Resource Financial who was recommended to me by another investor. My contact is Alaina at nine zero four 429-1180. If you call her, tell her I sent you. She was great to work with.
Feel free to reach out to me if you have any questions.
Take care,
Glen
With those criteria, you should be able to get 80%
@Albert Bui What kind of interest rates do they have? What do you mean by rent schedule on the appraisal? What if it wasn't a rental before?
Non QM is roughly mid 4-8鈥檚 in rates and the lower ranges of rates will have points.
Rental schedule is a rent appraisal basically, appraiser goes out and gets rent comps to estimate what your units or property can rent for it鈥檚 required for rental refinances
It doesn鈥檛 matter if the property wasn鈥檛 a Rental prior just that you need a rental schedule now if you want to finance your property as a rental in its current use today.