If you can't find pre-approval.....

[Matt Lawrence]

I have been trying to get pre approved for almost 2 years now. I now have a credit score of 800, have enough money to cash buy 3+ homes & because of my job I cannot be financed.

I am a professional poker player & file taxes as a professional gambler. I have been doing it for 6 years now & have filed taxes every year to show for. My lender recently notified me that freddie mac & fannie Mae guidelines have changed that don't count gambling income as "income".

This puts me in a bad position as I want to invest in more homes, but without getting financed I'm limited on what I can do & at this moment I don't want to change jobs because of this change. I only have 1 investment property currently as I had to get a co-signer (my mom). I have thought about different ways I could purchase homes - continue to find a co-signer & pay them a fee? Find investors & put in their name & I manage it & we split the profits? Start to find bigger investors so I can cash buy homes? (which would be hard to find a way to pay back their investment $80,000 - 10% return on a 6 year plan would be $1482/month & I rent for approximately $1k/month).

In this situation I felt the BiggerPockets community could help. Are there options that I am missing? ( I'm sure there are :)) What would some of you do in my situation if you wanted to progressively obtain rental properties long-term to have 100+?

Any help is greatly appreciated!

Thanks,

Matt

[Sophia Wang]

Typical terms I have seen are 20 year adjustable rate loans, rate changes every 5 years.

I wouldn't be too concerned about the terms. It's important to get started. And hopefully by the end of five years, your business is stable enough to be able to qualify for better terms.

And remember, everything is negotiable.

Best of luck!