Looking for rental-cash-flow oriented lender for primary purchase

[Matthias Pieplak]

Hi there,

I'm looking to work with a lender to finance an off-market property in Maryland I want to buy as my primary residence*, max 10% down.

What's the catch?

I bought a Triplex last year as my primary and live in one unit. The other two are rented and have a previous rental history. My DTI is off, if this rental income is not considered.

Second catch, I had Cap-Ex on the Triplex and another property which I bought in ruin and stabilized, last tax year. Expenses neared my W-2 income, so that I am showing massive losses for 2023. (Yes, I live on rice 'n' beans)

If you have an underwriting process that can focus on my current cash-flows (and perhaps track record of successfully stabilizing properties), I invite you to comment or DM.

THANKS BP COMMUNITY!

Matthias

Greater Salisbury Maryland Area

*Primary in purpose but certainly made into another income stream, seasonal STR or as a house hack.

[Colby Dorris]

Hey Matthias! It certainly sounds like you're setting yourself up for success! Depending on the specific Cap-Ex on the Triplex, we might be able to remove that when calculating your income and either improve the loss or actually show some income. As with most answers, it can depend on a few factors. As for the 2-year rental requirement, that's not a guideline we use. As long as it's reported on your latest tax return then we can evaluate it for income. Feel free to reach out and we can talk more in-depth to see what the options might be.