All Forum Posts by: Josh B.

The only type of loan I can qualify for is a stated income loan.  The properties I’m looking for are single family homes.  I’m going to base the cashflow on a traditional tenant even though my strategy is short term vacation rentals.  I’m in Las Vegas.  The lender is saying 7-8 % and it will be 30 year mortgage.  That is all the information I have so far as I have just been told over the phone I am pre-qualified.

Hello,

Suppose your only option for getting financed was through a bank statement loan.  Would you buy cashflowing rental properties at 7 to 8 percent interest or would you pass?  Why or why not?

Thank you.

Hello,

I've spoken to two well reviewed mortgage brokers that I found on Zillow, but unfortunately I haven't been able to get pre-approval for an investment property.

Here's my situation:

I have been a tax paying pro gambler since 2010.  In 2015, I purchased the house that I live in presently.  I currently have about 100k equity there.

2016 capital gains income: 0

2016 business / gambling income: 25k

2017 capital gains income: 152k

2017 business / gambling income: 28k

Checking account balance: 100k+

Credit score: 730

Investment property price range 165k - 200k.

I can get letter from CPA stating I've been in the same business since 2010.

I'm being told they will take either last three years of capital gains or last two years of gambling.  Ouch.

What would you do in this situation?  I don't like to idea of pulling out equity in my current home, nor do I like the idea of seeking seller financing on my first investment property, nor do I like the idea of hard money loans.

Thank you.