creative financing advice?

Question

Hello BP! im trying to form a plan to start investing into oos multi family properties in columbus ohio. i have been giving thought as to how i can go about financing my first deal and if i would qualify for any type of loan. i dont have consistent pay, voe, tax info and im starting to build my credit but i have savings in the bank. ive been self employed for about a year and a half doing handyman projects for people around my area has anyone ever been in a situation like this? are there such programs that even exist anymore? or should i cosign with a partner? i would prefer to not have a cosigner but beggars can’t be choosers. if anyone can please just lend some quick advice or share they creative fincancing strategy id really appreciate it. tyia!

Remington Lyman · Answer

You should chat with a mortgage broker. There are some DSCR programs designed for people like yourself

Justin Gallagher · Answer

@Remington Lyman do you have recommendations to any in the cbus area, thank you Remington

Justin Gallagher · Answer

@Nate Sanow thank you i will for sure look into them

Dave Skow · Answer

@Justin Gallagher- try to get  formally  pre approved to  be able to know for  certian what you can or cant do .....this will  help educate you   with regards to the  process and  also  to the  current numbers   required   (  loan amt / payment /  cash needed for  closing )

Jack Mawer · Answer

As others have mentioned I would look into DSCR financing options due to your given situation as the underwrite will be based on the assets cash flow - I would just make sure to do your due diligence on the market/property you ware investing in as well as make sure you have plenty of additional reserves in the bank.

Brian M Sweeney · Answer

What's up Justin. There are many lending opportunities for people like yourself. There are also property specific cash flow loans available. Everyone situation is different so it's important get with someone who can look at your whole picture.

Remington Lyman · Answer

Yup! I can send you some

Eliott Elias · Answer

Find a partner who does not want to be hands on that has the money. Sounds like you have the time to put in the work to orchestrate the entire deal. Money is out there waiting to be spent on a good deal

Nate Sanow · Answer

Money is fairly easy to get outside of having w2.  I wish someone told me sooner about no low doc loans, DSCR loans, and nonQM loans.  I suggest researching that subject further.  They will look at bank statements, but the trick is to just get a cheap enough deal it doesnt’ matter.

Chris Seveney · Answer

@Justin Gallagher

My advice which people may not like is do not buy a home. If you do not have stable income then being a homeowner is not for you. Get your own house in order first. Also don’t take all posts you read on BiggerPockets as ways to buy real estate as a lot of bad advice on BP.

creative financing advice?

Most Popular Reply