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Updated almost 3 years ago on . Most recent reply
Acquiring My Next Rental Property
Hi, My brother and I got into real estate investing a few years ago and finally made the jump in a year ago this month. We bought our first rental property and have consistent cash flow (about $1,200/month).
However, we are both college students and have no other income. Our parents were nice enough to cosign for the mortgage on the first property, but we would like to acquire the next one on our own. Neither of us would qualify for a mortgage simply because we have no income.
Does anyone have any ideas on how we could financially acquire our next property?
Most Popular Reply
@Brandon Beardt and @Jossalyn Wallace, thank you for your help. I have not heard of the DSCR loan before and I will definitely look into in.
Brandon, it's not that I don't want them to cosign. They strictly were involved because we needed to qualify financing to get started in investing. They are not interested in being involved in our real estate investing and I would prefer not to entangle them in it any further for this reason. I definitely agree that would be the easiest way.