Newly *only* self employed, need approved for loan

[Christa P.]

I have had a rental real estate business on the side for the last six years. I continued to work during that time and always used my paychecks and W2s to get financing for each of the properties. As of January I am only self-employed. I started a second LLC with an unrelated business line. While I am building this business, I have not yet completely replaced the paycheck that I was getting. The income from my rental properties is completely separate to this and very solid.

Will a conventional financing bank consider my paid off properties as sufficient support to approve me for a loan since I can’t give them a consistent paycheck, like I used to? Three of the properties that I own are entirely paid off and fully rented. I’m just wondering if I can be approved for a loan where I don’t have a consistent paycheck with my self-employed businesses.  Again, just to confirm, my rental real estate business is solid and supplies consistent income. I just don’t have as much total income as I used to when I was employed by someone else.