Finance suggestion for potential property

[Samantha Elgin]

Hey guys! We wanted to reach out and search for some advice. 

We recently moved across the country. We left behind a house that we turned into a rental that is cash flowing. Since our move, I still receive a small amount of income from my previous employer as a nice gesture. They still kept me on the payroll. My plan was to start my own small business at our new place as well as deliver with DoorDash and other side hustles. My significant other, owns his own business but hasn’t had income the last few months, because of our move. 

We don’t have lack of funds. We have reserves and we still make plenty with our side hustles but unfortunately have been tuned away by banks since we haven’t hit the two year make on several of these income streams.  

The property that we are wanting to get, currently has renters and cash flows. It also has a lot of potential to increase that cash flow. 

We have called tons of banks, credit unions, small banks, national banks and it sounds like covid is really screwing with the loan process. The owner has talked about owner financing but would like more of a down payment then we were planning. 

I just thought I’d post this and see if anyone had any suggestions. We always know there are more deals but we are trying to fight and make this one work. 

Thanks in advance!