Getting loans with 100% Income source

[Lars Henrik]

I have an opportunity to join a business on a 100% commission. I know I'd do well, and make at least six figures. My main concern is getting loans for rental properties. I plan to do buy and hold cash flow, maybe even  turnkey. But that's beside the point for now. 

Is anyone else out there on a 100% commission and getting conventional loans? What hurdles did you have to overcome? 

From what I've read is needing at least two years verifiable income if it's 100% commission. 

Thanks, 

Lars 

[James Wise]

Originally posted by @Lars Henrik:

@Shaun Weekes

Thanks Shaun and James. 

I definitely don't want to wait for two years! 

What are your thoughts on alternative financing? Hard Money or Private Money Lender, then let the property season for six months to a year, then refinance to conventional loan. Something like that? 

Other ideas I have are partnering. Have you seen some ways people in my situation get financing and make purchases with less than two years 100% commission income? 

Thanks so much for your previous replies. 2 years.. I'm too eager to get started. 

 You could get a hard money loan yes, but 6 months later when it comes time to finance my previous answer still comes into play. The bank will want to see two years of taxable income on the commission only structure.

A possible partnership scenario where you put down the down payment and someone else helps secure the loan may work. It would be much easier if you target apartment buildings with at least 5 units. Doing this you will fall into commercial financing which is more lenient. If you try to partner on residential your debts will still be counted even though your income won't be which could throw off the total debt to income of you and your credit partner, leading your residential loan to be denied.