Financing for my first property

[John P.]

Hi Everyone!

I'm looking for a lender to fund my first multi-family investment property in Los Angeles. I've only spoken to a couple lenders so far. I'm pre-qualified for a $400k loan, but multi-family properties in my area worth looking at tend to be priced a little higher ($500k - $600k).

I asked both lenders if I could use potential rental income as a qualifying factor, but unfortunately, they both said I would need two years of rental income history from another property that I currently or previously own.

My question is: Is there anything I can do to help persuade a lender to use potential rental income as a qualifying factor so I can make a slightly more expensive purchase? Would it help if I presented the lender with a solid business plan, a comprehensive cost-benefit analysis that shows a positive ROI / cash flow, and/or historical rental income history from the previous owner?

I'm still new to this, so any advice is appreciated.

Thanks,
John