How to purchase first house hack!!??

[Alfredo Navarrette]

Hey guys I’m in a pickle here. Started a new job last August as a blackjack dealer which is nearly all tips based. Problem is to get traditional lending to house hack a multifamily takes 2yrs of tips reporting. My question is what steps should I take in the meantime or to speed up the process to get my foot in the door? Appreciate all the help.

[Cal Martin]

Hey @Alfredo Navarrette! I personally just started a new business and having the same issues with financing. Personally I just found cosigners and still eligible for that 3.5% down financing. If you don't have a cosigner then you can go one of several directions.

1) Hard Money: Find a hard money lender for a high upside deal with a value add then sell, take the profits and re-invest.

2) Owner Carry: Find off market deals that are owned generally by tired land lords and offer them seller financing to maintain that monthly check coming into their bank account but you can net the excess.

3) DSCR: If you have enough down you can do what @Clayton Mitchell advised and get a loan thats based on income generation and not your personal income.

4) Get a part time job that is fully guaranteed to help your DTI

Wish you the best of luck!