Im having financing issues and a great off market deal

[Dominic Lupe]

Hello everybody, thank you for any consideration ahead of time. 

so I am in a relatively peculiar situation and would love to get some advise. I'm going to be very honest because the facts and truths matter in this situation.

I own a single family home and was living there for 4 years with my girlfriend. My neighbors approached me a few months ago offering us there home for a great discount if we would be willing to deal with all the belongings as they just purchased a condo in Arizona and took off. They gave us up to a year to buy the property off market and also let us lease the property while we were renovating and tenant seeking. 

my girlfriend and I came up with a plan and started executing. The plan was I will spend all the money I have to renovate the currently owned home and list it on the market. Her responsibility was to save up the down payment and she would buy the house for her self that way we each end up with one single family home

Great plan right? 

after I get everything totally renovated, we move in next door, we set a closing date on the new home. She decides to cheat on me and leave me for a more "fun" life. 

im stuck with my place being leased and also an approaching closing date. And no financing.

some more facts being that I started a masonry business 1-1/2 years ago and do not have my full 2 years tax returns. We have year over year projections proving growth in the business and we also just leased my property and it will be cash flow positive $650. 

my loan officer I am working with is not amused with all the quirks involved in this deal and has let me know that she does not think she can find a way to get financing for me even with 20% down. 

if anyone has any insight on this situation or any ideas how to achieve unconventional financing I would be in your debts forever.

thank you to anyone who reads this fully and comments. 

Dom

[Scott E.]

Your story is a bit hard to follow.

But what I'm gathering is that you have a renovated home with equity that you used to live in which is now leased, and you are under contract to buy the neighboring house. I think your objective is to own both homes, living in 1 and renting out the other.

Well you already achieved your goal of renovating and renting out your old home. So you can check that one off the list.

Regarding the financing situation on your new neighboring home, just call up your neighbor and let them know that due to personal reasons and starting a new business, you will need more time before you can get financing in order to buy their house. It sounds like they have already been very patient and accommodating with you. They may give you a longer escrow, or maybe they would entertaining seller financing until you have your full 2 year tax returns.