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Updated almost 4 years ago,

User Stats

8
Posts
6
Votes
Blue Rybo-LoPresti
  • Real Estate Agent
  • Cambridge, MA
6
Votes |
8
Posts

New member introduction: How can I finance my first deal?

Blue Rybo-LoPresti
  • Real Estate Agent
  • Cambridge, MA
Posted

Hello everyone.

I'm new to real estate and the BiggerPockets community, yet I've done my homework and want to purchase a small multifamily and house hack it as my first investment. I live in Cambridge, Massachusetts and am looking to buy in the Greater Boston area. I ideally want to go for a FHA loan and use the projected future rental income to qualify for the mortgage. I read that about 70% of projected rental income can be used as income to help qualify for the mortgage. However, I just spoke to a local lender who told me that I would need 2 years of landlord experience in order to use future rental income to quality. So my question is: How can I qualify without having 2 years of landlord experience? I have excellent credit, but low income as I am a recent college grad working as a virtual assistant for real estate investors. Any and all advice would be greatly appreciated. I'm looking forward to your answers and hopefully some local connections as well. Thanks in advance!

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