Trouble Obtaining Financing

[Melody Stevens]

Hello All!!

I need some direction.

I have tried applying for different types of mortgages so that I can purchase my first rental property. Due to the amount of student loan debt I have and it being in deferment because i am waiting to see if most of it will be forgiven due to my school closing, my debt to income ratio is too high so no bank will approve me.

I have experience in property management, accounting, and building but nothing that I feel I can use to go to a private investor with as proof of experience.

What would you recommend my next step be in finding financing? Land contracts are rare in Michigan these days so that doesn't seem to be an option. I have $4k I could put down as a down payment and have my eyes set on a few single family properties that are in the $100k range. Realistically I'd like my first purchase be a multifamily but those are $150k to $250k with not having a reasonable down payment to match those amounts I dont feel it would be realistic to go for something in that price range.

All advice is welcomed! I feel like I've hit a brick wall, not sure which direction to go.