CAN YOU FIND FINANCING WITH LOW INCOME?

[Gunes K.]

I own 3 properties (1x in DC & 2x in Chicago). All of them are fully paid for. I live in one of my units and rent two of them. I make about $24,000/yr. from them. Unfortunately, I had to close my non-real estate business due to COVID, and in the last two years, the only income I get is my rental income. No rent, no car, single, no kids, so $2,000/mo. is quite enough for me. I was wondering whether I can qualify for financing for a new property purchase because I really want to move forward with real estate in my life. I can afford a 20% down payment for up to a $150,000 property purchase. 

If I buy a new property, I will rent it right away and turn it into another income stream. I was wondering whether I can qualify for financing with this level of income?