All Cash

[Thomas Shea]

Hi, my name is Tommy and I work in an all cash business with little to no credit but, I am looking for the best ways to go about buying and holding small multi-families to start out. Any advice to get started?

[Jon Holdman]

I think @Thomas Shea is saying the business he works in is mostly cash.  Getting paid in cash doesn't change the need for tax returns.  If the income is steady and documented on tax returns, lenders will consider that.  Its always more challenging to get loans when you're self employed, but not impossible.  The lending situation is improving.

But if you're saying you get paid in cash, pay your bills in cash, stuff cash under your mattress and don't pay taxes, you have a different problem.  Nothing prevents you from taking a briefcase full of cash to closing.  But large amounts of cash changing hands will result in suspicious transaction reports being filed by the banks involved.