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Updated over 8 years ago,
Availability of financing and market to invest
Became part of this wonderful platform in February 2016. Spent some time enriching my knowledge base. Being a first time investor still suffering from “buyer’s cold feet” syndrome. As a kid I was told to consult professionals before making any life changing event. So, here I am looking for your advice.
I am in my late fifties. I have a $200,000 to invest. I am self-employed since 2014. My consultancy business is in its infancy and made about $30,000 last year. I am looking for income so I am a buy and hold investor. Initially, I thought I will buy single family houses. With this kind of capital making a $1,000 net income per month seems difficult proposition. I want to borrow and leverage but I am not finding any lender to finance me even if I put down 20-25%. Then I thought I will go for multi-family 4+ units so that I can obtain a commercial loan. Here again it looks like lenders are interested in my personal income!
Are there any lenders who will look into the rental income and not my personal income to qualify me for a commercial real estate loan? Alternatively, I am thinking of moving out of state where property values are cheaper than California so that I can buy 3 to 4 single family houses and make around $2,000 a month. Which state should I go for and what cities?
Friends, your input will boost up my motivation level and help me buy my first investment property. I am really counting on you….! Thanks.