Hi everyone, first post here, so forgive my lack of forums knowledge.
I just closed on my first property , a 75% rented (upgrading one unit) four-plex with some good cashflow. I found a deal on a second property that I want to make an offer on, a "duplex" it is a single family home with an additional small home on the rear of the lot. Everything looks good to me as far as the numbers, but I am running into a problem.
Financing. It's hard for me to explain, but you're smart so I'm sure you will figure it out.
I can't finance through a personal mortgage because I wont meet DTI. My rental income is not counted (because I haven't been a landlord long enough) but the debt does- so it pushes me over the edge.
I can finance through my LLC because they will count all rental income and said I can get a contingent lease for a tenant on the property if I need more income. But they don't do pre-approvals for the LLC purchase.
Agents/owners are all asking for pre-approval letters to even see properties, but I cant finance until I have a sales agreement with the LLC.
That's the long and short of it. Has anyone else ran into issues like this? if so, how did you overcome them? I am trying to get creative - but this is very frustrating. oh...and the property is roughly 50k. I have a 25% down payment ready.
Thanks!
