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Updated about 5 years ago,

User Stats

5
Posts
1
Votes
Suho Bae
  • Albuquerque, NM
1
Votes |
5
Posts

Financing dilemma as a recent 1099

Suho Bae
  • Albuquerque, NM
Posted

Hello,

So I've been researching about real estate investing for months now and as I'm setting out to start investing, I have came across a pretty big obstacle. I recently became self employed through my work (about 3 months) although I am still doing the same type of job, just not as a W-2 employee. I contacted numerous local credit unions and banks and all of them wanted at least 1 year history of self employment salary to even start processing my paperwork. 

So I looked into hard money lenders instead and utilized the list here (great tool btw!) and even some of them have said the same thing since they need to run income level checks to see if I qualify. I could continue down the list I suppose but I suspect they're going to give me the same responses and I feel like I'm running out of ideas here. I thought about turning to friends/family but I don't want to involve them until I can show them that real estate investing brings in profits since they are pretty doubtful about this to begin with.


Partnering up with someone may be my best bet but it would severely limit the profit margin, so I would prefer to avoid that. 

Also, I would prefer to avoid finder fee/whole sales since I did all this research to do the work myself.

Any suggestion would be appreciated.

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