Cash purchase vs waiting 2 years vs creative options

[Gary Dezoysa]

Hi everyone,

I wanted to ask what my best option might be for my first investment house in Toledo. I am out of area.

- A cash purchase on a 65k house would take about 1 year for me to save for

- Conventional financing will take 2 years of positive tax returns which I don't have yet. I discussed my situation with an REI friendly loan officer

- Being out of area I don't have a local network of private lenders to tap into

I think my best option on years one and two is to wait and cash purchase one house each year. My savings rate of 6,500/month appears my biggest asset for now.

Or is there another option you guys might suggest for me?

Thank you!