New Invester, 300k, No tax returns, 62 years old

[Renee Chase]

Good morning!

I’m really hoping you guys can give me some guidance. Here is my situation.

- I’m 62 years old and have 300k to invest.

- I don’t have tax returns, so a conventional loan isn’t going to work (as I understand it).

- My first priority to to purchase a home for myself in the smoky mountains. I plan to rent out a portion of this home as a STR.

- After that I'd like to purchase addt'l STR properties.

My questions -

1) It sounds like my only option is to pay cash for this first home. If I do that then:

- How difficult will it be to do a cash out refinance without tax returns?

- How long do I have to wait?

- How often can I do this for new properties?

2) Should I worry about forming an LLC at this juncture or wait until I own several properties?

3) You guys know so much more than me. What are other options?

Thanks so much!

[Melvin List]

@Renee Chase there are tons of programs out there that you can qualify for based on the rental income of the property.  Typically these programs require 25% down and the rent on the property must be higher than the mortgage payment including taxes and insurance.