Getting a "YES" for a Loan with limited income and reserves

[Jim Bray]

Hi BP Family!  

I am a "newbie" PRO here in the Bigger Pockets community and after lots of reading, listening, watching and learning I have finally found what I believe is a solid "Buy-and-Hold" deal.  Its a Triplex that has been rebuilt from the ground up and is occupied fully by long-term tenants.  The owner is ready to sell off his properties and retire.  I learned what he would likely accept and it leaves a decent chunk in equity right away for what amounts to a *relatively* turnkey scenario.  

After conservative analysis it still cashflows a nice number and I really want the deal BUT....

I don't have the reserves that many lenders want to see.  My credit score is over 740 but like most of america, I'm out of work. My job in Film/TV won't fire back up until what seems like June at the earliest!  

HOW does a rookie who found a cookie get the financing?  I have heard most suggestions like "get a partner" and I do know someone but I'd really like to begin on my own two feet.  This will likely garner backlash in the replies and I'll take that.

What I'd love to know is: Has anyone encountered a way to get financed with less than 6 months rental income reserves?  

I have learned so much from this community already and am very grateful for any sagely advice.  THANK YOU!

Jim

[Jim Bray]

Thank you for your reply @Kris H. It's wonderful to see a community member encourage people new to REI with constructive feedback!

To clarify, I don't have 'zero reserves'. I have "limited reserves"... about 3-4 months worth.

I learned from @Brandon Turner and @Josh Dorkin not to say "Can't" but rather "How can I?"