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Updated almost 9 years ago,
Getting Qualified - interesting situation
Wondering if we could get some advice from seasoned experts on here!
Hoping to find a solution for our situation and move forward with our real estate investment endeavor. Currently have one rental property (one united is rented, second is owner-occupied by us), and looking to pick up another property, a $149k rental property currently with both units rented at around $1000 per unit. The situation involves issues with pre-qualification. Namely, the fact that available cash is at about $20k maximum and have only my partners income at $40k per year to account for, as I recently took some time off to obtain my real estate license and now am returning back to the workforce as of April 1st, when I have secured a full time position with comparable salary.
So the question is, what would be our best strategy for getting pre-qualified and into this deal? Any thoughts/opinions would be greatly appreciated!