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Updated over 9 years ago on . Most recent reply

User Stats

8
Posts
2
Votes
KANE WHITESIDE
  • Investor
  • Cohutta, GA
2
Votes |
8
Posts

Self employed, best way or best lender for rental properties?

KANE WHITESIDE
  • Investor
  • Cohutta, GA
Posted

I have a couple of rental properties in Atlanta I am trying to get long term loans for and having trouble with conventional loans because I am self employed.  I have one rental property in Chattanooga that I have purchased using my home equity line of credit from my primary residence.  My credit is decent like 650-700 range, I have money to put down, its just finding the right place or the best way to get them financed,  Does any one have any ideas or advice that migfh

Most Popular Reply

User Stats

41
Posts
14
Votes
Luke Holcomb
  • Investor & Wholesaler
  • Chattanooga, TN
14
Votes |
41
Posts
Luke Holcomb
  • Investor & Wholesaler
  • Chattanooga, TN
Replied

@KANE WHITESIDE I would talk to @Jimmy Moncrief, he is a local portfolio lender and loves making loans. There are other portfolio lenders in town, any small/ local bank will have one. Being self employed is less of an issue as they are not securitizing and selling their loans (this is why you run into strict guidelines with larger banks). The big deal with being self employed is that they are going to look at your past 2-3 years of tax returns. Being a small business owner, they will look smaller than they actually are. But, these guys understand this and are equipped to deal with it. 

happy hunting! 

 -Luke

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