Rental Property Investor · Mesa, AZ · Member since 2018 · 17 posts · 12 votes
Hi my husband and I live in AZ and would like to buy/flip in Houston. Unfortunately the big banks will not accept his income Because we own our own business. It’s a landscaping company and is profitable. We pay taxes and have been in business 3.8 years. They do not consider his distributions as income for lending purposes. Anyone with advice or interested in lending please pm us!
Lender · Gilbert, AZ · Member since 2019 · 7 posts · 6 votes
7y
@Krystal Stone that sounds like a great opportunity to check out Trydent Capital- a lender in the Texas markets that works specifically for investors like yourself. Let me know if you would like to talk.
Lender · Chicago, IL · Member since 2018 · 352 posts · 147 votes
7y
@Krystal Stone I don’t understand why the income would not be accepted, is the debt to income ratio too high? What distributions are you referring to? If self employment is less than 5 years we need to average 2 years, have you filed 2018 already? If not; you still have time to have a banker structure your file. Fannie Mae HomeStryle renovation loans required only 15% downpayment and it includes the renovation costs, plus the rental income is used for qualification, your current income only needs to cover your current expenses