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Updated over 3 years ago,
Low down payment for 2nd property
Hey everyone! Just joined and I love all the feedback on the forums! Hoping someone might point me in the right direction-
I purchased a duplex with FHA loan last year and I'm looking to purchase another rental. It would either be a duplex or a single family doesn't matter much either way.
My obstacles are that 1.) I don't have much for a down payment and I'm a 2nd time home buyer, and 2.) I am 1099 right now working as a contractor so proof of income is essentially limited to bank statements.
My credit is around 700 and I can show a good amount of income with bank statements, just don't have pay stubs right now. I will need another loan for 180-200k (not including whatever the down payment covers). I've had folks mention finding an investor to do a land contract with until I can refinance in 2023 by showing 1099's. Really I'm open to anything, just trying to get some more rental cash flow and keep this train moving forward. I'm even open to something with a higher interest rate, as long as the numbers produce profit for me (rent from the property exceeds monthly payments) it's a win right now.
Any Ideas?
Thanks in advance!