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Updated over 5 years ago on . Most recent reply

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3
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1
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Sean Sharp
1
Votes |
3
Posts

Self employed loan help

Sean Sharp
Posted

I am self employed an pay no taxes. Which means I "make" no money. A lender is needed to get me started. Conventional lenders have all said no unless I pay another 20k to the government. Just someone that will help. My payment for the primary residence are auto drafted. My credit cards are auto drafted to pay the balance. Thanks

Most Popular Reply

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417
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150
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Dan Gamache
  • Lender
  • Boston, MA
150
Votes |
417
Posts
Dan Gamache
  • Lender
  • Boston, MA
Replied

@Sean Sharp With a private lender you can get investment property financing with no income verification (rental income vs monthly payment is what will be looked at). For a buy n hold property you will prob need 20-25% downpayment and property must be rented or rental ready. For fix n flip you usually need 10% downpayment of total costs (purchase price + rehab costs).

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