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Updated over 9 years ago,

User Stats

26
Posts
3
Votes
Eric Grant
  • Biddeford, ME
3
Votes |
26
Posts

Should I start looking for a job? Financing issues.

Eric Grant
  • Biddeford, ME
Posted

So, my situation is this. I'm looking to finance my first purchase but I've run into the issue of not bringing in what is considered to be enough income.  I quit my last job so that I could go back to school and focus on learning about real estate investing. I do get a paycheck for going to school but a few lenders said that they don't factor that in because they don't look at it as a steady income stream. I also collect a monthly check that covers my current mortgage plus other bills and my wife works as well. I have money to put down on a property and figured out a range where it leaves me with a cushion for repairs and also savings but it's not looking good. I'm thinking that I may need to put school on hold and get a job so that I can show more income. The creative financing route or partnering doesn't seem to be a viable option because I don't know many people around here. I guess I'm not looking for much more than peoples opinions on the matter. Thanks in advance!

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