Hey BP, need some quick advice and encouragement on first deal!

[Luke Runion]

Some background... I am 23 years old and looking to get into real estate investing in Nashville, TN. I figured I would just start with one property and get the ball rollin'! After working with an awesome realtor who helped me out with the whole process I am now two days before closing and my loan was DENIED... The reason was because I haven't been with my current career for 2+ years and they couldn't accurately tell what I make, even though I explained that I am just out of school. 

I explained my financial situation before making an offer on a home to the lender who told me that it shouldn't be an issue at all, and he even pre-approved me and everything. 

We have already had to push back closing a week, so the lender could get more documents from me and plead my case.

Two days before closing and I am not sure what to do. I am feeling a bit discouraged about the whole situation. I was really looking forward to getting my first property!

Should I try and rush and go through this whole process again and find a lender that will approve me, or should I take this as a realization that I need to step away from this deal?

Do I really have to wait 2+ years in a career in order to purchase real estate?

Any feedback would be awesome!

Thanks in advance. 

[Mark Gliebe]

Hey @Luke Runion I am sorry to hear about that happening to you! One solution is to use a Hard Money Lender and then refinance into a traditional 30 yr mortgage so you don't keep incurring the high fees.  Typically they need good credit score and proof of cash reserves or income, not looking at 2 year employment as a factor.  I just had a 19 yr old recently tell me about a Hard Money lender that he used that had no problem getting approved to buy his first investment property.  Send me a DM and let me know how I can help.