Are there any ways to secure financing on investment properties without a typical 9 to 5 job?
I see people with hardly any income, securing 3 properties in a span of months and was wondering how they are doing it.
Down payments are no problem for me, but qualifying for mortgages is an issue.
I understand people may use VTB's etc... but are there other ways of creative financing in the ontario market?
Would love to hear more on this as well... great question.
A Joint Venture with a Partner that has a large T4 income makes it possible yet then it is shared and not all your own. I have done this and it does make the mortgage attainment easy as they rely on the JV partner.
@AJ Dhillon In addition to what's already been mentioned. You can take over the seller's payments, giving you until the mortgage comes up for renewal to qualify, bring on a partner, or resell.
I’m curious on this as well. I’m a self employed contractor and I just purchased my first rental, but had to get hard money through a D lender. My interest rate is crazy, and my down payment had to be over 30%. No banks or A lenders would even look at me as I have not been in business for three years.
Asset based lenders do not require income to qualfy. The approval is based on credit, cash flow of the property and loan to value.
@Ben Redden did you look for partnerships for a JV? I am the other side of the coin and could manage to qualify but need to bring 20% cash to the table and have entertained a hard money lender on a 1 year term before refinancing and paying out the lender.
Stated income loans do not require you to show proof of income.
As long as you have the liquid assets needed and the credit score minimum it can get done