Looking for lender 3-4 units NW Indiana? Stated inc./high credit?

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I want to purchase a 3-4 unit building in Whiting IN as my first real estate investment. I graduated college a year ago and do not have a full year of on paper work experience. I now work as a broker and also do leasing which brings in consistent $3-4000 a month with weekly payouts. I also have experience working as an analyst for a multifamily investment firm. Credit is over 750. I live in Chicago but choose Indiana due to cashflow and landlord friendly laws/low taxes. 

For reserves I plan to use 0 apr cards if it needed for example something major like a new roof. I have done this before with a business I had and it worked perfect never paid a penny of interest. I do have like 10k of reserves to show a lender. 

An example of what I am looking to buy is 952 W Pearl St. Whiting IN for $150k. The property was a 2x: 2br 1ba and 1x: 3br 1ba. I ran comps for the area and being conservative the 2brs would go for $700 and the 3br $800. I also have seen some nice buildings for cheaper but this one was ready to go. Could maybe lower my purchase price. Open to anything just want to get this going. 

I plugged these numbers in my Excel Discounted Cash Flow which also shows loan specs. 

At 5%apr with 20% down+10k in minor repairs its a Debt Coverage Ratio of 1.79. Leaving a lot of room for lender safety. I am assuming $10,500 in running costs+$7000 in financing leaving net income of $6100+amortization. 

Another option would be to live in the property for a year or however long is needed to get a conventional lower APR loan and just put a small amount down. My banker said due to being a recent college grad he could get me conventional loan if I found a job that pays salary after just 2 pay checks but that he can't approve me with the 1099 income right now.

I know there are some online lenders that do stated. In NW Indiana I could probably make 6.5 work. What are some good online or local ones and that allow first time landlords? Feel free to private message me. Thanks 

[Scott Steffek]

Henry,

I know NW Indiana well, as that's where I offer properties. I did some calculations and I came up with a CCR of 11.43%. I used a 5% loan with 20% down, $2900 in rents, 10% management fee, $150 a month for water, landscaping and the garbage bill. So the property does cash flow ok. However, the assessed value has jumped "wildly" in the past few years. Which will cause taxes to go up or down. I used $3866 a year in taxes, but for some reason, the taxes don't come up on the county website, so I don't have an exact cost. I would try to get the price down substantially. You can pick up multi units in Whiting and/or East Chicago and get a better CCR return. But if my numbers are correct, it's not a bad deal. I'll ask around for lenders and if I come up with one, I'll let you know. Best of luck to you.

[Michael J. Beasley]

Hi @Henry L. I have a good Lender lead for you out of Indy that I can put you in touch with. Send me a PM and I will pass his contact info to you. Talk soon. Michael