Financing Options When There Is Limited Employment History

[Lance Lvovsky]

Hi all,

I am curious to see what financing options I have. I recently graduated university, so I do not have much employment history. I currently have 1 property (this October will be 2 years) but am looking into getting another property. I have read about financing options and such on this website. I suppose I can contact community banks and see if they would be willing to give me a loan. I doubt any of the bigger banks (like a Chase) would give me a mortgage, right?

On a property between 50-70K, I can probably put around 20-30% down, if that makes a difference. In an ideal scenario, my rental income per month would be paying off my mortgage/loan as well. (I would have no other choice as I will be going to grad school and won't have steady income for a while). Hence, if I can have my property paying off the loan and maybe even cash flowing a bit each month, that would be perfect.

So any ideas? I realize hard money lenders would probably lend, but most likely it would be at very high rates. 

I don't know how common of a scenario this is, but looking to hear everyone's thoughts!

Thanks in advance!