First Multi Family Purchase

[Mike Fontaine]

Hello Everyone! I'm currently looking at purchasing my first property in the Leominster MA area.

I'm focused currently on an FHA 203k loan where I will live in the property and repair/upgrade it. I have a GC lined up and I have 10 years of finish carpentry experience. I also own a small property management company (62 units under management). Last 2 years I've claimed self-employed income and I personally brought in roughly 25k per year from just repairs/carpentry.

Talking to one local mortgage broker he doesn't believe I have the income to support it. This year we are booked out much more and we have increased our rates. Including growth in the property management company, I expect to at least double my income. With that, I am targeting a 3-4 family and I was under the impression that expected rents can be taken into account with the loan. 

Long story short, maybe I'm just ignorant of the mortgage system but, I wanted to reach out to see if I could gather information about whether I have options or if I am stuck waiting another year to claim further income before purchasing. Any helpful info is appreciated!