All Forum Posts by: David Robinson

Some banks offer bank statement loans in which the bank allows you to verify your income, and qualify for a loan, using your bank statements instead of tax returns, W2s,and pay stubs. These loans are especially beneficial for business owners or self-employed individuals who want to buy or refinance a home using their true net income. I work with multiple lenders that offer asset based mortgages, where they look at the asset, credit, and experience. 

@Michael Acheampong Down payment seems high, I have seen 20% down for commercial loans, it doesnt sound bad though. I think the buy down is worth it if you plan on keeping the house and the mortgage for 2 years or more.

@Taira Jackson You could also look into commercial loans, they have options for fix and flips, buy and holds, multi-family, bridge, and cash out, even vacation areas.

If there aren't any multi family units in your area, have you thought about creating some in your area,rehabbing a property into it?

I work with multiple lenders that do commercial loans, using credit,asset, and experience to qualify, not your personal income. I have seen their rates between 3.5%(with a buy down)-9% on 30 yr fixed.Lets Connect

@Jason Delgado Alonzo I started out being preapproved for the 203k loan, found the house,found an approved fha 203k contractor, decided on the rehab project, and after all that time, like 25 days into the process , a week before closing I was told that the lender couldn't do the rehab portion only the purchase. I ended up keeping the house and using a lot of sweat equity, cash, credit cards and time. We lived in it for 2 years and created about 80k in equity,and a rental, but more rehab would have been done and quicker completion if the 203k would have gone through. It felt like the lender just didn't know enough about 203k or they would have known earlier in the process that it wasnt going to work.

@Stephan Bataillard You could try commercial lenders, they could look at the asset, and credit and not at your personal income, no w2 no worries.

@Mitchell W.Have you thought about getting an LLC and using a commercial loan?

@Kyle Maio Have you thought about using your cash towards a 20% down commercial loan with an LLC, doing the rehab, and then refinance to get cash out to reinvest into the next one.

@Dominique Long Do you have an accountant or cpa that you work with or think you may want to work with, they could help you with the tax structure and if they will know the state and local tax information as well.