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Updated over 3 years ago,
Starting with low income/W2 history
Hi I wanted to ask and gain some perspective from any experienced investors out there or anyone who has the knowledge on possible options of getting a deal done without any prior income history for lenders to see or w2.
I was in college while studying real estate the past 9months & always had a part-time job while working but didn’t bring in any substantial amount. ($1-$1.5k a month) I’m serious about real estate and want to own a rental/multifamily by this year.
My credit is 700+ but after applying for a FHA I was denied due to insufficient income history. I picked up a great summer job where my income is ($3000-$3500) per month & was told to reapply with proof within a few months before going back to school full time.
I have access to about $11k worth of cash right now. My market is Wichita, KS and there’s cash flowing rentals that range from $50k-$100k easily
Any advice on the next few steps to take to achieve my goal ? Is there any other possible options ? Has anyone been in this situation before ? Is there any loan or partnerships out there I should try ? Or maybe even seller financing?