Hi all,
I would love any feedback on this. I recently divorced and moved back to my hometown. I have always ran my own biz in the health/wellness world and made decent money. But it was always the fun money. But now I am totally revamping my life. I don't want to go back to the work for dollars. And I need to build wealth. I want to invest and create cash flow. My ex and I did a highly successful short-term rental in the Georgia mountains which generates great cash flow, but he got the home in the divorce. I got the home in the Seattle area, which I sold at peak market. I have $150k sitting in the bank, just waiting to invest in something. I have been educating myself through Bigger Pockets (thank you BP!) and other books, blogs, etc. I want to buy another short-term rental and have identified a potential location that has 70% and above bookings. How can I get a long-term loan without the income? Is it possible? I want to put 30% down and have money left over for fix and flips or another AirB&B. My credit score is in the 800s. I will have cash reserves if rent isn't made. Maybe I can get a co-signer to secure a conventional loan? If not, I am thinking I should get a hard money loan and do a couple of fix and flips first? PLEASE ADVISE! thank you!
