Looking to purchase a house hack with creative financing in SA

[Natasha Pollock]

Hi everyone,

I recently moved to San Antonio from Southern California to pursue the dream of financial freedom through real estate investing. I had hoped to utilize a low-down owner occupant loan (FHA 203k) in order to acquire a 2-4 unit property as a house hack, however, due to prolonged unemployment during the pandemic (restaurant industry) and my decision to transition out of that industry and into real estate full-time, I no longer qualify for traditional financing. At present, I am hoping to secure a property via creative financing (ideally owner financing) as soon as possible. I have excellent credit and fairly substantial cash reserves, so I know its just a matter of finding a good deal and negotiating terms. My ideal house hack will be on the east side close to the AT&T center, 4 units, and in need of more cosmetic work rather than an extensive rehab.

I appreciate any tips/insights and I look forward to meeting more of you at the local meet ups!

Natasha Pollock

[Rick Albert]

It might sound crazy but maybe DSCR loans? I spoke with one lender who only cared about the numbers of the rental, your credit score, and how much money in the bank. They didn't want to see W-2s or anything like that. It wouldn't be owner occupied, but it gets your foot in the door to start collecting revenue.