Loans and others Advise seek

Doing wholesale or flips… but have no income verification for the past 2+ years due to job loss in 2003 was my last income tax declared. How can I then ask for a loan? Though I do have equity in my current home. Advise?

The way to overcome Tax Returns is with Strong bank statements.
Keep in mind that you will need to get Seller 2nds until you can qualify for straight Rehab “Fix n Flip” loans. However, N/O/O investment properties will help you to build a portfolio and establish yourself as a seasoned investor.

banks like that.

Can you explain a little more on Seller 2nds until you can qualify for straight Rehab “Fix n Flip” loans? Thanks

The seller of the property will carry a small LTV (typically 5-10%) lien on the property that acts as secondary lien behind your primary lender’s lien. This is a nice feature because there are several lenders out there that will allow for 100% CLTV on non-owner occupied properties as long as the seller will carry a second lien. Pulse is correct… if you have 12 months of bank statements, that will qualify you as full doc. What the lender will do is average your deposits over the 12 month period and use that as your monthly income.

Oceanstraw,

Your credit score was not mentioned so that would be good to know.

Are you looking to rehab properties or just flip ones that dont need work? Either way, there are lenders that will give you a loan that would cover the full sales price, fix up, costs, and payments. The loan is 70% of the true value. So if you’re buying low enough everything can be covered. No income/employment verification.

They are short term which is perfect for your goals.