Can't get a mortgage while self employed- how about this?
I realize that getting a mortgage as a brand new self employed person will be tough. I started my businesses this summer and I also just found a sweet deal in Oakland which is so hot right now.
I have good credit and a surplus of cash from recently selling my home. What I lack is two years of tax returns. So here's what I'm thinking....
I'd like to do a private deal with the seller. I think a lease to purchase deal would work for both of us. The house is currently empty. If I can't get low doc financing, I'll give a deposit then lease for a year with the option to purchase.
The house was on the market for a week, then off. I talked to the neighbors who said the owner has a hard time renting it. They gave me her contact info. It's in a great location and below the market (when it was on).
How would you approach this, you real estate masterminds!