Realtor · Crystal River · Member since 2021 · 33 posts · 13 votes
Hi guys! My name is Caitlynd and I live in Crystal River, FL. I'm 19, and just left a career in car sales. Right now, I am trying to purchase a short-term rental. I want to jump on this Airbnb/VRBO train, and while I do have good credit, I don't have 20% down, and I'm currently trying to get my real estate license, so I recently quit my very full-time job in car sales. I'm waiting to take my state exam and then I can begin work! Anyway, I want to use a private lender for the purchase of my Airbnb, but do I need to have a primary residence? So far, that is what I have encountered, and I do not have one. How can I fund my purchase? I can't use an FHA loan because this is not my primary residence, and I don't have two years worth of tax returns on commission. I have two years worth of tax returns, but only one is commission. However, I am ready to invest. I am willing to use creative financing to make this work.
Costa Mesa, CA · Member since 2019 · 70 posts · 39 votes
4y
Start networking locally. Save like crazy. Learn as much as you can. Keep asking questions and interacting on BiggerPockets!
Since you're looking at Airbnb, I'd suggest learning about purchasing properties "subject to" and your questions about financing will generally melt away. :)
Yeah, you've got yourself in a difficult situation. This is "investing," not a "job." So, you normally need some sort or decent income to support getting loans when you don't have the cash, or just want to leverage.
If you find a private lender willing to loan you money, then whether that person cares if you have a primary residence is really up to him/her.
You'll have to network like crazy to find a way to put this deal together. I'd be happy to chat if you like.