Creative Ways to Financing my First STR

[Brandon Holman]

Hello all!  

I am hoping to get some tips or recommendations on how to get my first STR using only 10% down. This was always my plan, but what I have run into is not being able to get a loan in my name, at least not the second home loan at 10% down that I want. I recently moved from WA State to East Texas and changed jobs. This change is the reason I cannot get this particular loan, at least not on my own. I have saved up 100k for my down payment, closing costs, etc... but in my recent experience in talking with lenders, they don't care about how much cash you have in the bank, they care about how much you are bringing in and how long you have held that job. And as a new Real Estate Agent in East Texas, I am not bringing in much cash... yet ;).

Here are some options I have thought about, but am not sure which one is the best or if these are even good options:

- Finding a partner (I know this is a good option, but finding one is more difficult than I thought)

- Taking out a HELOC on my home

- Go to the beach and look for buried treasure

- Ask my parents for money (this is my least favorite ;) )

- Become best friends with Luke and Avery Carl or David Greene and Rob Abasolo and somehow that will fix everything (this is a work in progress ;) ).

Anyway, if anyone has any advice on how I should move forward, please let me know! I don't want to wait 2 years (as apparently that is how long most lenders say I need to be at a job before I can get the particular loan I want) and I just want to get out of this analysis paralysis! I am ready to jump in! I am ready to get started in my STR journey!

Thanks in advance,

Brandon