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Updated over 3 years ago,
Lending options without 2 years same industry
Hello, new member here. Looking to get into some small multi-family as soon as possible. Just got into a new job 6-7months ago(in real-estate Acquisitions for off-market deals) and therefore would likely have to wait a while traditionally to get a loan.
Here's the deal. I have about 50k to invest right now and was looking at getting a turnkey duplex/triplex in St. Louis or another Midwest city, due to the high cap rates and strong rental market. In a situation where I have 1) a property that the mortgage/insurance, etc. costs half of the gross income or so 2) can pay 20% or more down and have plenty of cash reserves for vacancies, repairs, etc.
3)have a roughly 750 credit score
4) low debt/income ratio
Are there lenders that will lend on those principals?
and if not what would you recommend to get into it sooner? Seller carrying the note short term and refi?