I found a deal but there’s no way I can get it without creative financing

[William Ring]

I found a deal that I want to pursue in the Knoxville area, however, I just bought my first house and conventional loans would say I can’t afford it.

I just bought my first house a few months ago to flip and then house hack. I’m 95% done with the flip part and already living in the house. I am listing the 2 other rooms this weekend and assuming they get filled, my entire mortgage will be covered. I wasn’t particularly looking for another house, but the numbers don’t lie and I can’t pass this one up. It’s a duplex with a long term tenant already in one side (for the next 8 months) and the other side is vacant but move in ready. I ran the numbers and it seems to cash flow about $100 a month after putting away 5% vacancy and 2% maintenance (I’ll do the management myself). 

There’s no way I can do a conventional loan because my dti is basically maxed with the house I just bought and I have 10% or less to put down. Does anyone have any suggestions?

[David Ramirez]

You can try getting a DSCR loan which is based on the property income