Purchasing a second rental home after having my job eliminated.

[Nevin Hofing]

My wife and I purchased our first rental home in January after reading the bigger pockets first book. It’s located in Southwest Florida about 10 minutes from the gulf. We have been using Airbnb very successfully and have been booked since June and hour now working on getting it filled through next April. We feel extremely fortunate to have made the decisions we have based on learning what we could from bigger pockets.

Our problem now is that we would very much want to purchase one or two more homes but unfortunately as the main source of income, my job was eliminated this past May due to Covid. Since then I have started a consulting job where it is a 1099 but I am making less than half of what I was making previously. We we found more homes that we would like to purchase and also some really good rates to refinance our primary home. Unfortunately due to my lack of employment, we are unable to do either. When we explained our situation to the finance company, we were told that I would need two years of 1099 receipts to be eligible for either refinancing our primary home or getting a loan to purchase another rental home.

Can anyone please provide some guidance on how we can either refinance our current primary home and save hundreds of dollars a month +\or figure out how we can get the down payment and mortgage to purchase a second rental home?