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Updated almost 9 years ago,
Struggling to get financing!!! Own 2 rental homes - no debt
Hi All,
I have 2 homes, free and clear, in Dickinson North Dakota that i am generating $1500 each in rent per month. I have an opportunity to build 2 more homes and sell them but I am struggling to get financing to build them. Banks are telling me that I cannot use the rental income to qualify for the loan until I have been renting for 1+ years.
Do you have any ideas on how I could get financing to continue moving forward on building up my portfolio? Any help and suggestions would be greatly appreciated.
Thanks,
Arthur