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Updated about 5 years ago,

User Stats

11
Posts
3
Votes
Will Carson
  • Homeowner
  • Denver, CO
3
Votes |
11
Posts

Creative ways to get started as a low income freelancer in 2020?

Will Carson
  • Homeowner
  • Denver, CO
Posted

I know I won't be very attractive to mainstream banks, so I'm looking for other options to obtain financing for my first property. I make between 30k-36k per year, with a DTI of about 30%. I have 15k saved for a down payment, and my down payment account grows by $800 per month. My biggest downfall is income history. I lived abroad until about a year ago, and my income varies wildly (some months I make 1k, some months I make 5k) - and I know the banks won't like that. Still, I'm determined to buy my first property in 2020.

My greatest strengths in this situation are my flexibility and credit.  I don't need a fancy house, and I am willing to move almost anywhere in the western half of the US if the numbers are right.  The numbers:  I need a 2+ br 2+ ba house or apartment for under 200k.  It can be a bit beat up, as I can handle painting and some minor carpentry myself. My credit score is over 770 and rising. I plan on living in one br while renting out the other(s) and adding value to the property over 1-3 years, after which I will try and repeat the process with another property, while renting out my br in the first property.  I do have some other criteria I'd like to meet (within 60 min drive of major airport, growing economy, etc.) but for right now, I just need help getting some viable strategies on my radar.

Any specific podcast episodes I should listen to?  Specific lenders that are friendlier towards people in my situation?  Unconventional but legit methods?  General strategies or advice?  All are appreciated; thank you!

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