Financing my first Duplex

[Serafin Farias]

Hello BiggerPockets, long-time reader, first time poster!

I am interested in buying a duplex in south Texas (Rio Grande Valley) and am having issues financing the deal through traditional mortgage loans because I'm an independent contractor for 6 months (1099) and they need 2 years of income to justify giving me a loan.

It's my first deal, seller asking ~$65k and it rents for $1,200 monthly. I have great credit and can give 20-25% down w/o issue. What should I do?

Thanks!

Serafin

[Jean Bolger]

It wouldn't hurt to call some local mortgage brokers and discuss your situation with them. Not direct lenders or banks, but a broker who can shop things around to a lot of different lending sources. Try to get recommendations from other investors in your area for a broker -someone who does strictly owner occupied houses isn't the one you're looking for. How successful you may be will probably have a lot to do with how good the rest of your financial picture is.  You know how it is... the less you need the money, the easier it is to get! Keep looking, and don't take it personally when the first several say no :)