Financing Troubles, Help Needed

[Deke Belden]

Hey BP members, I've run into a stall. Last year I bought my first investment property, a condo that is currently leased. For my next property, I am looking for a single family that I could do some minor/medium rehab and turn it into a BRRRR. However, due to how my income is reported to the IRS, (I'm self employed at my day job) and what I showed for 2016, (2017 return isn't done yet obviously), my lender has told me that I'm unable to take out any more personal loans right now. I have the down payment in cash, but that doesn't mean anything without securing financing.

I know I can do hard money, but that is pricey and since it would be my first one I'm sure I'll pay a lot of points and really high interest, and depending on how much they'd lend, not sure that I could make the numbers work, or if I even want to try that right now.  Even worse, if I couldn't refi later this year, I would be stuck with a very expensive loan that would likely not be worth the trouble. 

Any other suggestions?  

[Andrew Kerr]

@Deke Belden - finish your 2017 returns, then go talk with the lender again.