Looking for second deal, have to be creative

[Aden Brust]

Hey all! My name is Aden Brust, I bought my first deal (duplex) in northwest Arkansas at the age of 18 in March of 2022, I am 20 now and looking for my second deal because I feel I have just been stuck since I got my first deal. It took me forever to remodel the first duplex and get tenants in there (huge learning experience which Im super grateful for) but now I feel like I need to get over this hump and get moving again. I don't have a W2 and all I have is the first duplex income and some photography income from my photo business. Im asking if anyone here has any creative ideas that maybe I haven't thought of to get the next deal, as well as any just general tips for getting your second deal. So far these are my ideas for getting into the next property.

- Seller financing by pulling off market list of all 2-4 unit absentee owned 100% equity properties in my area

    - What is the best way to go about this as well? Cold call? Letter? Email?

- Somehow using the equity in my current duplex (around 75k-100k)

Thats about all the ideas I can think of, so please let me know if you have any other ideas/thoughts!

Goal is to get another duplex by April this year and then another one to move into and house hack before September.

[Brian Cauldwell]

Hey @Aden Brust!

Seller financing is an option and may be a good option if you can find the right people. 

The other option would be a DSCR loan. They do not look at DTI. If you go that route be sure to tell them your age. Some lenders will not lend to people under the age of 21. With the DSCR loan you could cash out refinance the property you already own, 75% of what it is worth, and then use the money to help buy the next property.

Not as familiar with house hacking, but seller financing or financing through a local bank would be the best option. With current income, it may be hard to go through a local bank.