Help Getting Funded — and other roadblocks I'm running into

[Leonard Qendro]

Hi everyone,

I'm currently stuck in my real estate journey. I purchased a house last year. I bought the house for 287K, and after renovations it now appreciates for upwards of $450K. I'm a 1099 worker. I rent out the rooms and make about 30k a year in income from just the rental alone. After write off's however, my total income comes out to $43,000, including income from my job. 

I was hoping to continue buying properties. I can refinance the home but I got such a good rate I don't want to lose it (2.875). I got someone to co-sign on the loan with me in order for me to buy the home. I don't qualify for a HELOC because of my DTI. I don't have much debt other than a small motorcycle loan and the minimums on a few credit cards that don't amount to more than ~$200 a month.

Basically, I cant get funding. I have about $22k in a Roth IRA, but only a couple of thousand in savings that wont really get me qualified for any new investment property purchases.

Someone recommended I look at foreclosures, others told me to just save as much as I can and wait until the next tax season when my income would be considerably higher to try again to get funded. Another thing can be owner financing, but I'm new to investing and don't know where to get started. I also have no idea how taking on a foreclosing property would work.

Any help or ideas are highly appreciated.

Thank you!

Leo