Is long-term financing without an income possible

[Sabrina Shaulis]

Hi all,

I would love any feedback on this.  I recently divorced and moved back to my hometown.  I have always ran my own biz in the health/wellness world and made decent money. But it was always the fun money.  But now I am totally revamping my life.  I don't want to go back to the work for dollars. And I need to build wealth. I want to invest and create cash flow. My ex and I did a highly successful short-term rental in the Georgia mountains which generates great cash flow, but he got the home in the divorce. I got the home in the Seattle area, which I sold at peak market.  I have $150k sitting in the bank, just waiting to invest in something.  I have been educating myself through Bigger Pockets (thank you BP!) and other books, blogs, etc.  I want to buy another short-term rental and have identified a potential location that has 70% and above bookings. How can I get a long-term loan without the income?  Is it possible?  I want to put 30% down and have money left over for fix and flips or another AirB&B. My credit score is in the 800s. I will have cash reserves if rent isn't made.  Maybe I can get a co-signer to secure a conventional loan?  If not, I am thinking I should get a hard money loan and do a couple of fix and flips first?   PLEASE ADVISE! thank you!

[Alex Bekeza]

@Sabrina Shaulis Congratulations on this new chapter in your life. There are a range of different short and long term financing options available today that have zero DTI/personal income requirements and instead rely on things like the subject property's cash flow (DSCR). These are collectively referred to as a bunch of different things like "non qm", "commercial", "portfolio", and "asset-based" lending. You'd be surprised at how low 30 year fixed rates are right now on these products. Feel free to reach out anytime.