Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 8 years ago on . Most recent reply

User Stats

2
Posts
0
Votes
Derek A.
  • Mount Vernon, IL
0
Votes |
2
Posts

Cash out rental property ideas for student with no income?

Derek A.
  • Mount Vernon, IL
Posted

I have recently purchased my first rental property. I purchased the property and did some minor repairs all in cash so I own the property outright. The property is held under an LLC. I have recently placed a tenant in the unit and collecting $550 per month in rent (Section 8). I am in the property for a total of $15,000 so the roi is pretty good. The property is cash flowing enough to cover a mortgage and still provide excess cash flow. My question is how should I go about finding a lending source to cash out this property and reinvest the proceeds into another rental. My concerns are conventional lenders will want 2 years of verifiable income which is not possible as I am a student without a job. My other concern is if private lenders will want to deal with a property that will most likely appraise for less than $25,000. Any suggestions or advice would be greatly appreciated.

Loading replies...