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[Noah Bacon]

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[Max Bellino]

Background:

My grandmother who is unfortunately needing full-time living care owns a three-family property and because she has this care now the state could take the property. My grandmother would want the asset to stay in the family and so do my parents so, they are trying to kick start my real estate investor career. I have enough money for the deposit, closing and could even start to fix it up. I would like to own this property in my own name and I would rather not have a co-applicant because they are already giving me so much help from selling the house at the tax-assessed value so the state can stay out of this.

The deal:
The cost of purchase is(tax assessed value): 460K
The appraised value is(from my dad trying to refinance but fell through with grandmother's credit): 650K
Rental income: 4.5k monthly (under market rent so with money to fix up the units could get 5.2-5.5k)
The home is fully paid off but we can't do seller finance because the state needs their money so my grandmother can be fully supported by the state.

The issue:
The issue is I don't show a stable income because I am 19 years old. And another smaller issue is my income being 40k a year and with the 70% of the rental income; I would barely squeeze by. Although, I have great credit (760) but all the mortgage brokers I talk to all say the same thing about those two issues! I know this could be a great investment if I could just get a loan!
Any advice is appreciated!