Cant get approved for house hack

[Pete Storseth]

So I'm trying to start my real estate portfolio with house hacking, refinancing, and cash out pays for the next down payment.

My credit is 711, and my debt is low, BUT I only make 23k a year. Ew.

So I go to banks today, a mortgage company and a private lending company.

Not good, but dont worry, I knew I didnt have money.

Banks told me my debt to income is too risky, and one told me about down payment assistance grants offered in Houston and Harris County. Pretty cool idea, I'll be looking into that.

Mortgage company was a joke. All bad reviews online, I didn't even mean to go there, just happened to walk by. This lady was super rude, pretty much laughed me out, but whatever.

Private lending company said they do not allow owner occupied, gotta pay 25% down standard, and worst if all no refinance option without a 5% prepayment fee. Okay, not sure how I can use them ever.

I still have appointments at my own bank, Chase. A credit union that has a few reviews on Yelp, all positive. And like I said, I am not bummed out at all, i knew i didnt have money.

Still, cant help but to wonder whether house hacking is gonna work for me. Partnering would point me to finding someone with the money to get started on a conventional loan, let me manage everything and split the profit, but then how will the refinance work, why even house hack that?

What about wrapping mortgages? It's just as hard to find multi-family in my market that cash flows with me in one unit, and I really dont see the risks. As long as the numbers work and everyone knows what's going on, why not?

Seller finance could work too, but I would house hack, I'd just make sure the rents exceed my payments, good luck...

Any house hackers, feel free to jump in and give some ideas for funding or finding a way to qualify for a fha, ready30, 203k, or home possible loan.