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Updated almost 8 years ago,

Account Closed
  • Austin, TX
59
Votes |
79
Posts

Finding financing with low income and a little cash

Account Closed
  • Austin, TX
Posted

I've seen similar posts to mine but why not start another! I'm self-employed and have been for several years - lately I have cut back my "paid working" to one week per month which covers my bills, and the rest of the month I'm able to pursue other ventures. To be clear I guess, I work all day every day and have for a long time, but lately I have been focusing on ‘unpaid work' such as researching REI etc. in efforts to not work so much in the future.


So here's my issue - I'm looking at getting into flipping and perhaps BRRRR in my area - since I'm choosing to break even on bills my DTI sucks (house payments), I'm self-employed, have only been building credit for a few years (I'm 26), no RE experience etc. so I'm thinking it will be tough to get a decent refi if say I do a BRRRR, and thus thinking that may not be a great strategy for me. Obviously no one can answer that question other than any particular bank I go and talk to, but just figured I'd ask what others did in this situation if you happened to be in a similar one. I'm familiar with general strategies on this and planning to do things like talk to the smaller banks in town, look for partners, etc. in the next couple of weeks but would love to hear others' experiences if available - what was your experience getting conventional loans (or even hard money) with no RE experience, credit, and little money (I do have cash saved up for downpayments). Or what do you think I should be expecting here if I try to get a loan? My guess is a lot of no's!

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