CamInBoise
New Contributor
Hey guys, I am looking for some direction/help in obtaining financing for a small apartment complex.
Here is my situation,
I am 23, my wife is 21. She is currently going to school (pursuing a bachelors in business management) and we are paying cash for her tuition as we go. We both have really good credit scores, and absolutely zero debt (no car loans, no student loans, no credit cards, nothing). I have good credit history, I have had a credit card since I was 18 and used it monthly and paid off the balance. I also purchased a truck and motorcycle with bank loans and paid both of them off early, never missing a payment.
The problem is, my wives income is all under the table nanny work (about 20k a year). I make 23k a year over the table. The apartments I have been looking at are 4-6 units, and run between 300k-500k. We don't have a lot of money to put down. My wife and I are considering buying one of these, living in one of the units and managing the complex ourselves while continuing to work. Unfortunately there is no way we could get traditional financing because of our low declared income. What are some options we could look at for obtaining financing for a deal like this? Any help would be appreciated.
:fastlane:
Here is my situation,
I am 23, my wife is 21. She is currently going to school (pursuing a bachelors in business management) and we are paying cash for her tuition as we go. We both have really good credit scores, and absolutely zero debt (no car loans, no student loans, no credit cards, nothing). I have good credit history, I have had a credit card since I was 18 and used it monthly and paid off the balance. I also purchased a truck and motorcycle with bank loans and paid both of them off early, never missing a payment.
The problem is, my wives income is all under the table nanny work (about 20k a year). I make 23k a year over the table. The apartments I have been looking at are 4-6 units, and run between 300k-500k. We don't have a lot of money to put down. My wife and I are considering buying one of these, living in one of the units and managing the complex ourselves while continuing to work. Unfortunately there is no way we could get traditional financing because of our low declared income. What are some options we could look at for obtaining financing for a deal like this? Any help would be appreciated.
:fastlane:
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