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Updated over 6 years ago on . Most recent reply

Indy Smith's profile image
Indy Smith's profile image
Indy Smith
  • Rental Property Investor
  • from Charleston, SC
  • Member since Apr 9, 2018
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Indy Smith's profile image
Indy Smith's profile image
Indy Smith
  • Rental Property Investor
  • from Charleston, SC
  • Member since Apr 9, 2018
Connect
Indy Smith
  • Rental Property Investor
  • Charleston, SC
3
Votes |
8
Posts
Buying & Selling Real Estate

Traditional bank loans without income

Indy Smith
  • Rental Property Investor
  • Charleston, SC
Posted

Hi everyone, 

I have the opportunity to buy a house that is worth approximately $120k for $75k. I have no cash. My inclination would be to borrow the money from a private lender and then refinance into a conventional, long-term loan and pay off the short-term private loan. 

The property currently has a tenant paying $950/month (below market), so if I could refinance into a 30-year loan at 5% interest it would cash flow about $300/month. 

My main problem is I just moved and am beginning to invest in real estate full-time, so I have no income to qualify for a loan. 

Any suggestions?

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