Hello everyone I am brand new to the community and need some help if possible .I have been reading books trying to learn as much as possible before I make my first move into either a renting property or A flip in an out of state property, I am from NY... don’t think I need to explain why I want to invest out of state 😆
Now my situation is a bit tricky ... I have around 60k saved and want to have minimum 100k before I make a move BUT I have no income to show for. Past 5 years my taxes show 10-15k only, my credit score is pretty good btw
My question is this, is there any ways around this ? Can I somehow get a loan from a bank? Or do I have to go to private lenders ? Any help will be highlY appreciated!
You have to talk to lenders to get the answer, but it doesn't look good. I have a friend that had 25 rentals. He sold most of them and had nearly $500,000 in the bank, but the banks wouldn't give him a mortgage because he didn't have any income after selling the rentals.
@Nathan G. thank you
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