Like the Dingo he came here not speaking any english and with limited funds and is now a real estate mogul.. were else in the world can you do that..

My case has limited w-2 income, and I am not sure that the underwriter understands how to properly account for other income.

As I have been pulling together capital to get started, I have also been researching markets, podcast listening and reading every book I can get my hands on to get a foundational education.In my mind, with my capital limitations to get started I love the BRRRR strategy, I think I can make it through the Buy, Rehab, Rent,  once before chasing loans if I stay in certain markets.  

It really isn't your tenants that you need to worry about it is the ones you evict and the applicants you deny that are searching the net for dirt.

There is a meet-up in Jan 11, at 25495 katy Mills, I hope to find some answers there, you may want to attend, I'm sending you the link.Join us for networking, complimentary drinks, and a discussion on investing Post-Harvey featuring a case study by Katy investor, Rae Dolan.Seating is limited!

The land already has Electric, Water, Gas and a septic tank installed.The city has already blessed off on placing either a Commercial Building or a limit of 2 mobile homes on the property.In 2016 the Tax Estimate was valued at $24,000 due to improvements the renter has made to the property.I have a current renter who has been using the property for over 3 years wanting to buy the property and willing to sign a contract for $22,500 @ 10% for 12 years.

We have yet to ask for a background check and credit check, because we only do that once we want to move forward with their application.

Once you get past the limits on conventional loans you're in the commercial space, with terms like you're seeing. 

Definitely check into your local rebates offered, as well as any applicable federal tax incentives.

They can simply refuse to take responsibility and you still can not collect easily.I would not accept this applicant but if you have zero other options and you wish to drop your screening standards never offer a risky tenant applicant a term lease.