Posted by Jim IL on March 12, 1999 at 09:15:26:
Not that I’d personally have any advice, because I too am in the “hard to prove income” with “Shaky credit” category, but I’ve found you get better responses with more info.
What is the FMV of the duplex, what are you gonna pay for it?
Does it need repairs? If so, how much?
Give as many details as you can muster and your answers will come back.
Also, try posting to the main newsgroup, that is where the experienced investors lurk.
P.S. Ask your mortgage broker about “No doc” or “Stated income” mortgage programs. this way, you only have to tell then what your income is and show tax returns or other ways.
If that fails, perhaps, if your buying under market value far enough, then a Hard money loan might work. That means you get a loan that is “equity based” and you don’t matter.
Read the “How to” articles here, there is one that covers this type of money.