Financing issue debt to income ratio

[Brady Ascheman]

Hi everyone I am new to real estate and my journey has hit its first road bump. In the last two months I have bought my first 2 houses. I am living in one while house hacking and have two roomates paying off my mortgage, taxes, and insurance, and the other is my first rental property. I was planning on using the BRRRR strategy and rehabbing my first rental property refinancing and then using that as my down payment on my 3 property. However, I went into the bank today to see about getting another loan and since the both of the properties I currently own haven't been in my possession for over two years they don't count the rent coming in as income so my debt to income ratio is to high to get a 3rd mortgage. Does anyone have some creative ideas on how to get over this speed bump?

[Andrew Syrios]

Two years is quite a while for them to expect your to have that income for. Other banks are unlikely to be so demanding. I would start looking elsewhere. Go to your local REIA and ask who others are using to get financing. If they're lending to others doing what you're doing, they're likely to lend to you.