Rock Island, IL · Member since 2017 · 2 posts · 2 votes
hello, I have a question...I do not have a job at this time I have some money saved up and I want to get into buy and hold I'm wondering if I get hard money to buy and rehab a place get the tenant or tenants into the property how or what loan could I qualify for if I have no bank statements or w2 to show?? I'm assuming that there will be zero or very little cash flow at first with the hard money so even if a year has gone by to show income from the rental the bank would see very little to no income still because of the rates and term of the hard money loan. do I need to get a job and have it for a while? I've seen people say that some banks will use your cashflow from the property as income to qualify you but how could they use that if you have a hard money loan and probably aren't cash flowing because of it?..
Do you have enough for down payment? You might think about going to some real-estate meetups and see if anyone needs a person for property management or maybe even get into real estate at some point, just to help you with self-stated income. However, I'm not sure of your options. Wish I could be more helpful.
I know there are banks that do self-state income for self-employed people. But, they will usually want to see around 3-4 months of bank returns, etc.
thank you for your input.homes in my city and surrounding cities in good neighborhoods sell for around 120,000-200,000 and if I can find something that needs some repairs I could come up with a down payment..