First deal, bank passes on no-brainer; bcuz I'm a contract worker

[Mike McKnight]

Found a mis-managed self-storage facility with obvious areas for margin improvement.  Even though it stands on its own two feet now, could take margin from 20% to 40%, Debt coverage over 2.0, cap rate of 14% all on conservative estimates and good down pmt....and bank passed.  All because my own personal income is based on contract work that I do.  Never mind that I could buy my own house for more money with my own credit and same type of income.  Checked with another bank and was told I need two years of payment history before they'll touch it.  Really???

Very discouraging as I try to start out in REI....any advice?

[Chris Mason]

If your livelihood in part rests upon access to conventional conforming mortgage financing, why aren't you guys checking in with your go-to mortgage gal or guy with your CPA-prepared-but-not-filed "rough draft" tax returns and business structure PRIOR TO switching everything up 180 degrees on us at the last second? 

We want to help, but you need to help us help you.

If you DON'T want our help, the hard money guy or gal charging 12% for hard money at 60% LTV is right over there. Go for it, party like it's Reaganomics at 10% on a good day all over again!

... I have sympathy for your plight, but it's limited, because you filed your tax returns without my review or approval. :\