I am just starting on my first deal and currently working toward my Real Estate license. I have been in the military the past 5 years on part time status and been having hard time getting approved with a conventional loan, because of the training events interfering with a stable W2 income. I just finished my Master's degree and looking for active income job now to help with conventional financing down the road.
There is a property on the market where I have renters lined up (my friends) and want to use for house hacking. I was wondering the best method to pursue to finance it? Hard Money lending is more for fix and flip with the high interest rate and doesn't make sense to me for this buy and hold property.
I know I can use these methods, but was wanting guidance on what you think the best course of action I should take on financing a buy and hold property starting out?
1. Conventional loan (bank)
2. In house loan (local bank) - I am working on this right now and finding a cosigner
3. VA loan - My 6 year mark is October (when I am eligible for VA loan and I will definitely use eventually)
4. FHA loan - live in for at least 1 year
5. Seller Financing - Seller won't do it, I already tried
6. Partnership
7. Hard Money - More for flipping house and high interest rate doesn't make sense for buy and hold??
8. Private Money - I plan on using this down the road, but since this is the first deal I am putting together.....its hard to look credible
9. Syndication
10. Lease Option
