Ideas for financing options for real estate investors

[Harmony Brown]

Hi All,

I am looking for any leads on someone who might know any companies/people (preferably local but really any) who would qualify a loan based on real estate holdings and rental income rather than proven income. 

A little bit about me:

I own 3 single family homes in Missoula, 2 of which I rent out and one of which I live in.

I own a fourplex in Missoula which has all 4 units rented.

I owe about half the value of the above properties.

I am trying to buy a foreclosure home and acreage in Stevensville for well under market value (my offer has been accepted, now I am trying to get financing in place).

My income looks very low this year due to the fact I have rehabbing houses to get them ready to rent and do my own maintenance and property management (no income to show from any of these "jobs"). I do have some income to show from a 1099 and W2 engineering job but not enough to qualify for a conventional loan given my Income to Debt Ratio (about 60%). I have excellent credit.

If any one has any leads please send the information my way. I have not exhausted all options, I just am trying to save myself some time/energy as the clock is ticking until the closing date on the Stevensville property of 1/22/18.

Thanks in advance!

Harmony

[Dave Passey]

@Harmony Brown

You are probably going to be wanting to look at commercial loans. They will base it much more off of the property than your personal income.