How can I invest if I can't get pre approved for a lot?

Question

How can I invest in rental properties without having to qualify for a loan because my salary as of right now is not high enough to qualify. I am currently looking out of state properties because the prices in California are so high and so far I haven't been able to make seller finance work. As a younger investor I would love any advice because recently all I have been hearing is there is no way I can get into real estate and build a portfolio without making a large enough income.

Chris Seveney · Answer

@Amaya Grabiel

You will have people comment to get creative financing or 100% owner financing

If you cannot afford a property getting creative financing does not help you and will only hurt you in the long run as maintaining a property is not cheap and if you cannot fix it you will end up losing it and destroying your credit and setting yourself back further.

Nicholas L. · Answer

@Amaya Grabiel

-save up enough and/or increase salary enough to get pre-approved to house hack; then:

-house hack

Amaya Grabiel · Answer

Thank you so much! I'm currently looking into qualification for DSCR loans and properties with enough cash flow to make it work.

Eliott Elias · Answer

Look into DSCR lending, they qualify the property not you. If the rents coming in are more than the mortgage they will lend you.

How can I invest if I can't get pre approved for a lot?

How can I invest if I can't get pre approved for a lot?

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