Buying second property

[Simon C.]

Hi all,

My question is how/ what kind of loan could I qualify for as a newly licensed realtor with no W2 or full time income?

I have built up some equity with my current conventional mortgage on an owner occupied triplex, and have saved up enough for a down payment on a second investment property, either multi-family or live-in fixer upper,

Could I used future rental income from tenants to help me qualify?

My credit score is excellent,

Would a home equity loan or HELOC be better in this case?

How can I get the best rates?

Any advice appreciated, thanks!

[Matthew Porcaro]

Originally posted by @Simon C.:

That makes sense, and thank you for the response. I agree that finding a partner would be the better route in securing funding. My goal is to invest in cash-flow rental properties that would ideally pay back for the loan itself, are there loans specifically for this? One loan that I am considering is the 203k loan, but I know that is specifically for rehabs, which is great and can build some equity. However, I think there are more qualifications and requirements for that one. 

Remember, a 203k loan is an owner occupant loan, so you will need to move into that property for at least a year to qualify. Banks will be sure to check this during underwriting!