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Updated over 3 years ago,

User Stats

21
Posts
7
Votes
Jacob Bremer
  • Realtor
  • Austin, TX
7
Votes |
21
Posts

What are my options?

Jacob Bremer
  • Realtor
  • Austin, TX
Posted

Scenario: I recently bought a home to use as a 100% vacation rental in another state. I used a traditional lender and it's a personal mortgage. The rental is doing extremely well, and I'm on track to make cover all expenses and turn a profit in the first year (bought December 2020). 


The house next to it is now up for sale, and I want to buy it. It's half the price of the one I purchased, but I am having trouble securing a loan. No traditional lenders will consider because they said I need to wait a year or longer to have tax returns that I'm turning a profit even though I have documents from the property management I'm using that it's turning a profit. I have the rental under an LLC, but banks with commercial lending said the business needs to exist for at least 2 years before you can apply for a loan.


Aside from sellers financing, which they won't consider, is there any other options I can consider? 

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