Self Employed Loans? No W2's good 1099's
Hello fellow BP'ers,
Both my partner and I are self employed in the horse racing business. We can't provide any W2's or a proof of monthly income due to the fact that our earnings are based of off race outcomes which vary every week. Between the both of us our 1099's over the past two years are show earnings of close to $570 combined (him $375K, me $195K) My credit is bad though due to a foreclosure in 2012 (I was young and dumb) his is in the 700's. We also have a third partner who shows a monthly income of $6500 with a credit score in the 700's as well. We have $50K set aside to invest. We want to invest in the DFW area using the brrrr strategy. My question is, what options do we have to apply for a loan, and which loan would you recommend? I imagine I'll have to be a silent partner. So should we go FHA, conventional, or look for a hard money lender?
Thanks!
Ryne V.
BLINKERS OFF GUYS