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Updated about 7 years ago on . Most recent reply

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9
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3
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Jacob May
  • Carolina Beach , NC
3
Votes |
9
Posts

MLB player struggling to get approved

Jacob May
  • Carolina Beach , NC
Posted

I am currently a professional baseball player for the Chicago White Sox.  With that being said it is extremely hard to get loans from the bank due to only having seasonal income.  I was fortunate enough to get approved last year after making my MLB debut, I guess making myself seem more convincing.  

I purchased a two bed two bath condo in Carolina Beach and will be renting this unit out for the summer.  After realizing the amazing benefits of this I would love to continue to invest more into real estate!  Do you have any advice on the best ways to get approved from the banks with a seasonal income?  I'm currently looking to purchase another vacation rental, or a multi home that my significant other and I are willing to do all management.  I'm extremely blessed that she holds a Northwestern degree and is a professional photographer and marketer  ....believe it or not this is my passion above baseball.  

From the research I have personally done it seems that my only options are partner investing such as peer to peer funding.  Are there any other ways? I'd love to hear your thoughts.  Thank you all !!!

Most Popular Reply

User Stats

174
Posts
68
Votes
Timothy Doenges
  • Real Estate Agent
  • Mount Nebo, WV
68
Votes |
174
Posts
Timothy Doenges
  • Real Estate Agent
  • Mount Nebo, WV
Replied

Any interest among your teammates to be money partners in a multi family? If you get some high-pay players in on the deal, you might be able to get into a good rhythm of buying with teammates’ money, rehabbing, renting, refinancing out of the private money, and finding another deal!

  • Timothy Doenges
  • Loading replies...