Hey there! Sorry for the long post. The urgency will be clear by the end, I promise. I'm ready to buy (or so I thought) my first investment property.
I've got great personal credit, about $70k in liquid assets that I'm willing to invest. I've also got probably another $70k in equity on my primary residence. I'd prefer to conserve as much cash as possible for additional properties/projects.
My problem I'm finding is that I can't qualify for much with conventional loans, because my W2 income is really low. I make good money, but I'm in a tipped position. I work at a ridiculously expensive hotel where I make a seemingly silly amount of money for doing a relatively easy task. I know stated income loans disappeared years ago. Can I do a DSCR loan if I have no rental history?
I'd consider turning my current home into a turnkey LTR rental, and living in the property I'm buying. If I could leverage that somehow? My current mortgage broker says I can't qualify for anything, including FHA, because my DTI is too high?
I'd love to put down 10%, and be able to repeat it as many times as possible before I run out of investible cash.
Any ideas, or am I stuck putting a super restricting amount down on my first property?
Additionally, this is the urgent part I was talking about earlier. I could be, within days, moving into a different role at the hotel. That would essentially double my paychecks. But I'd never get another tip. I may be offered this job tomorrow. I'll take it, if a bigger paycheck is my only option to qualify. But in reality, I'd actually be losing money when my cash is considered. Do I need to take this job tomorrow? I don't really want it, but if it's a necessary step....
