18 Year Old trying to buy more properties! HELP

[Fabian Castillo]

Thanks for taking the time to read! I'm 18 years old I decided not to go the college route in order to pursue Real Estate full time. I have been wholesaling for around a year now and have been blessed enough to have made over 100k+ in assignment fees. However, my main goal now is to try to build some passive income through rental properties.

I've been lucky enough to be able to buy two single families through a family partnership. I essentially put the deal together and my partner will manage the property. We also split all costs 50/50 and all profit from the properties are split 50/50. I'm happy with these purchases because I will barely have to pay anything out of pocket (thank you BRRRR) and should be netting $250-300 a month from each of these properties. Here is my problem...

I feel like I'm good at finding deals and I'm eager to scale my own portfolio. Only problem is I can't qualify for a loan because I have no income on paper. Since I'm self employed I will need 2 years of tax returns in order to get qualified for a traditional loan. This means another year and a half until I'm able to qualify. I recently met with a lender and they actually have options where they won't look at your income but instead the property (something along those lines). But, they still need to see that you have already owned at least one property before. Do you guys know if there's any work around to this or any advice to how I can start building my portfolio with my currenyt situation? Anything helps. Thanks!!!

[Jared Hottle]

Talk to 50 small town banks and credit unions and tell them you have money for a downpayment but no w2 income. I promise at least 1 will be able to help you. It will be an in house loan and higher interest rates and ammortized over less than 30 years but it will remove your current roadblock. 

Since you seem to be good at deal finding I would suggest looking for BRRR style properties and tell your bank you want to find an undervalued property, fix it up and refinance in 6 months and see if any will do that for you. If you find a bank that will then you can reuse your money over and over again and if the deal is right you won't need to worry about the higher terms of the loan.