Multi-family Rental Loan

[Lucas Lawson]

I am new to investing and currently have no income. I have a good amount of capital available, however I want to purchase a property that higher priced that what I have to spend. It's a 6 unit building so it could be considered commercial. Do I have any options for getting a loan for the property since I currently have no income? Please help me with my options as I would love to be able to purchase the 6 unit building I found. I have also have an LLC formed that I plan to purchase the property through.

[Jon Crosby]

@Lucas Lawson It sounds like you have some capital to put your own 'skin in the game' at least. You will need income however for a loan but I guess it's possible if the property is stabilized enough you might find a lender that would use the future income for underwriting. Since you are new to investing however they are likely not going to take that chance and will want you to have a sponsor. I would find a local REI meetup, find a multi-family sponsor to review the deal with you, offer them great returns on their investment and get the first one under your belt that way. Once you have established some experience in multi-family/commercial you will have easier time with conventional financing.

Best of luck to you!