All Forum Posts by: Carson DuVall

 @Carson DuVall I see you're in Ogden. I'm in SLC. I work with an outstanding mortgage broker, who I've done many deals with; he's excellent at helping me understand my financing options --PM me if you'd like his contact info.

@Carson DuVall as @Chris Seveney one option is to get a W2--which can unlock a lot of other options...

Another option (that you could combine with getting a W2) is to do a house hack of a single fam or small multifam property (I'm a huge proponent of house hacking--partly because it can simultaneously increase your income while decreasing your expenditures, thereby "unlocking" other investment opportunities that you might not otherwise have access to--which is the fundamental recipe for building wealth).

For instance, when I was younger, I house hacked a new property almost every 12 months for years on end. I started off living in the cheapest rooms in the properties to maximize my returns, but as my cashflow and net worth increased, I gradually moved up to occupying nicer spots in the properties. I eventually got my own place, but I was always careful not to let the increases in my expenditures outpace the increases in my income... House hack a property every 12 months, and in 5-10 years you can be sitting on a pretty solid portfolio.

Regardless of what you do, talk to an experienced lending pro who can help you better understand what lending options are available--and, importantly--what lending options could be available, given hypothetical changes to your finances (for instance, what options could be available if you got a W2 job paying $X/year). This will give you a better sense of what's possible, and what paths might work best for you.

Good luck out there!

@Carson DuVall

Looking at this differently. Why not get a w2 job and start saving money which would qualify you for another loan ?

Hi Carson! There is a category of loans called non conforming (AKA non-QM). This category has great options for investors, self employed, or those with DTI issues or tax write-offs road blocking them from getting a pre-approval. DSCR (debt service coverage ratio) is one of the products. With DSCR you qualify based on the asset rather than the borrower. There are also products like bank statement loans and asset based loans. If you want to send me a PM I'd be happy to go over your info and see if one of these could be a fit. This category also allows you to close or refi within an LLC!

Best of luck.

-Kristen

There are a few options you can consider to fund the purchase of another rental property without a W2 job or a lot of capital.

1. Look into using alternative financing methods such as hard money loans or private money loans. These types of loans often have higher interest rates but can be a good option for those who don't qualify for traditional loans.

2. Consider using your equity in your current rental property to get a cash-out refinance loan. While the interest rate may be higher, it will probably be less than using a hard money loan.

3. Consider alternative investment strategies such as flipping properties or wholesaling properties, which can provide a cash infusion and allow you to build up a down payment.

4. You could try and find someone who would seller finance a property to you as well.

Ultimately, the best solution for you will depend on your individual circumstances and financial goals. It may be helpful to speak with a financial advisor or real estate attorney to explore your options and make the best decision for your situation.