Buying second house fast or Apartment Building

[Sarah Jones]

I bought a house in dec' 11 (3 months ago) convention 20% down. The loan amount is 207 the house purchased for 260. My 2009 tax shows 30k profit and 2010 shows 50k profit, self employed. My monthly mortgage is $1800 per month. I have someone renting the house now (roommates) i live in one of the room, the other 2 room is renting for $1800 per month total so my mortgage is covered but they are only renting for three month.

In order to buy second house this year i have to show 140,000 in profit paying $49,000 in tax becuase of the high tax bracket. The reason i got this number is becuase they are not going to include my rent income because its only three months i dont think they will include it... my question is how do people normally buy second houses without making 140,000 in profits on your tax return.. (i have to personally be able to pay for both houses...) how do you buy a second house fast ? $140,000 is a lot of money to make.. What is the fastest way to buy a second house if you dont have a strong 2 year tax return?? Any ideas how I can buy second house fast? I have downpayment.. $50k but i dont have the 2 years returns to match..

I may decide to do commercial instead if i cant buy another house this year.. If i 50k and have friends that can give me another 50k, does commercial buildings look at your last 2 years tax return or just the downpayment becuase i think for apartment they look at how much the rent makes right? Or do they still need your last 2 years tax return.