Loan Approval Problems in Cincinnati

[Jameson Vaughan]

Hello, my name is Jameson Vaughan I am just getting started in real estate investing. I have found two units in which I am interested in and they both have a Cap rate of 8%. I have talked to many lenders and search online for many different options to buying. I recently started a new job as a server and all the lenders I have talked to said I need to wait 2 years before I can get approved. I have thought about going in on a deal with a partner but I was told buying a house won’t necessarily make it easier to get a loan the next time around. If anybody has any suggestions or any lenders that could help me resolve this issue it would be much appreciated! I am pretty quick to responding and I need help. Thank you!

[Joseph Cornwell]

@Jameson Vaughan Another option would be to finance this property with a commercial lender. Typically, they are more concerned with the deal itself. Therefore, if the deal is good enough and the other unit will pay the expenses, they may lend on the deal even if you as a borrower are not what a conventional lender is looking for. The down side here is they are looking for 20% down in most cases, not 3.5% like FHA or 5% conventional for owner occupants. As mentioned, the other option is private money, a JV partner, or hard money which will be expensive. If you need any commercial lender introductions feel free to reach out, best of luck making it happen!