Hello BP, 

I am an active duty Army Soldier (W2 Employee) looking to get started in real estate investing.  I thought I was bankable and getting financing through a bank would be a piece of cake, turned out to not be the case.  I have eight years of service with two left on my current contract (Aug 2018).  I was one step away from getting both of these deals under contract but was needing a pre-approval letter, that never happened.  

First Property (Flip) 1bd 1ba, 408 sqft; County Tax Appraisal $24,030, List Price $25,000

Agreed upon purchase price $15,000 plus all closing costs approximately $2,200 renovations $4,000-$6,000

Total Investment $23,200; ARV $30,000 or buy and hold for $500 monthly rent

Second Property (House Hack) Single family house with attached apartment

2bd 1ba, 1,026 sqft; County Tax Appraisal $50,540, List Price $105,000

100% move in ready with nice finishes, cathedral ceilings, washer and dryer hookup, large backyard, storage shed, and front porch. 

1bd 1ba attached,  460 sqft

100% move in ready nice finishes as well

Anticipated purchase price $95,000.  I would live in the 1bd 1ba side and charge myself $500 monthly rent which is what I am paying now for an apartment in far worse conditions than this one and rent out the 2bd 1ba side for $800 plus a $100 utility charge since they house and apartment does not have separate meters for water and electric.

Both of these properties are located in San Angelo, Texas and I am looking for funding for both of these.  The 1bedroom house the lender said the house is too much of a risk to lend on.  I am however able to get traditional financing for the House Hack, but it requires 15% down which I do not have right now.  So I am looking for other ways to fund these deals and get started, thanks for you time and feedback in advance.  I can obviously send you more information if you are interested in these deals.