Buying properties with no verified Income

[Gustavo Figueiredo]

OK Guys its my first time writing on BP. This matter probably was discussed million of times here but I need advice on my specific case. I just moved to S Florida 10 months ago and I am working as a full time investor doing flips. I understand the importance to start building my passive income portfolio but I don't want to use my own money to buy these properties. I went to BOA were I have two business accounts and also my personal account for a long time to ask for some line of credit to invest. They said because I don't have a steady job with a pay stub every month they cannot approve me for a loan. Like I said I just moved here and I opened up my corp in Nov/15 so I don't have any income tax docs to prove my income yet. I've done 1 flip so far(100k profit) and I have another one in Louisiana that after all should generate another 100k but I have no proof of that yet besides the mls records. So where can I get money to invest on rentals? What I am going to need? I understand that I need to put a good amount down but I don't want to run out of capital. Please help

[Seth Nadreau]

You may have to make a drive over to the SW Coast, but I'd recommend reaching out to Sanibel Captiva Community Bank (sancapbank.com). They are one of just a few portfolio lenders in the state. This means they underwrite their own loans and have much more flexibility (and creativity) in putting loan packages together.

Even without tax documents, you should have income statements and expense reports and other business documents that could support your income.

Also, if you can purchase a rental property with current income, you can count that rental income towards your income, so that could help get you over the hump with some lenders.

Good luck!