[Calc Review] Recently quit W2, financing options for this deal?
Hi all! I found a potential deal in FL. The purchase price (225k) would be about 15k under current market value (240k) and would rent for $1700/mo with a calculated $176.89/mo cash flow after all expenses/capex/repairs, etc. A bit tight but I've been relatively conservative on the numbers, it has a brand new roof, well system, and AC compressor was replaced 5 yrs ago so capex should be fairly low. CoC ROI seems low at 4.47%.
I have a lender with a 3.5% 30 year investment loan but my main issue with this deal is I can't qualify for a mortgage. I recently quit my W2 job and don't have 2 years of self employed tax returns. I discussed seller financing with the owner but he needs the full purchase price at closing to fund another home he is building.
Any recommendations on alternative financing routes that might work for this property? Is it even worth exploring alternative financing for this? If I don't buy it I may have the opportunity to list it and earn a commission.
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