Thanks for taking the time to read! I'm 18 years old I decided not to go the college route in order to pursue Real Estate full time. I have been wholesaling for around a year now and have been blessed enough to have made over 100k+ in assignment fees. However, my main goal now is to try to build some passive income through rental properties.
I've been lucky enough to be able to buy two single families through a family partnership. I essentially put the deal together and my partner will manage the property. We also split all costs 50/50 and all profit from the properties are split 50/50. I'm happy with these purchases because I will barely have to pay anything out of pocket (thank you BRRRR) and should be netting $250-300 a month from each of these properties. Here is my problem...
I feel like I'm good at finding deals and I'm eager to scale my own portfolio. Only problem is I can't qualify for a loan because I have no income on paper. Since I'm self employed I will need 2 years of tax returns in order to get qualified for a traditional loan. This means another year and a half until I'm able to qualify. I recently met with a lender and they actually have options where they won't look at your income but instead the property (something along those lines). But, they still need to see that you have already owned at least one property before. Do you guys know if there's any work around to this or any advice to how I can start building my portfolio with my currenyt situation? Anything helps. Thanks!!!
