Best options for buying another property?

[Tianna Marie Osbourne]

Hey guys, a newbie here looking for some advice. I'm 21, I've been investing in real estate for 3 years now. I was able to save a good amount of money and purchase a 3 bedroom 2 bath mobile home on an acre of land all cash, that property generates $875 a month, no mortgage or HOA fees. It's worth about 60k not including the land. My second property I just purchased in January, a 3 bedroom 1 bath condo that rents for 1,300. I paid cash, but borrowed 30k from a family member to cover some extra costs and renovation, the HOA fee is $135, and I pay my family member $500 a month until the 30k is paid off. It is worth about $145k

My question is, what is the best way to purchase another property? For reference, I am self-employed (I run my own online clothing business, i am 1099-k) and I've always been told that it'll be hard for me to get a conventional mortgage when you're self employed, so I am specifically asking about other types of loan options.  I'm used to purchasing property all cash, but I want to buy another property within the next 2 months without waiting until I have enough cash to purchase because that'll be another 1-3 years of saving. I am really trying my hardest to purchase at least 1 other property this year, ideally 2 more.

I am looking for slightly distressed properties in the 50-120K price range (yes it's possible), should I look into borrowing money against the condo? A HELOC? Hard money lender(even tho some don't lend anything under 100kl)? A DSCR loan? What do you guys suggest? And I'd love to hear lender recommendations if anyone has any.

[Heath Thomas Jr]

It is a bit of a misconception that it is harder to get a conventional mortgage while self-employed. That is thrown around because a lot of self-employed are showing minimal income on their tax returns because they deduct everything.

If that is you, then yes you should go the HELOC or DSCR route. But if you are showing decent income, you could qualify for a conventional investment mortgage.