Financing as a Real Estate Agent

[Account Closed]

Hey BP Community!

I just passed my classroom test and within a week or two I will be taking the PSI and diving full-time into becoming a licensed real estate agent. I've been learning a lot lately, and I know real estate is a passion of mine I can't wait to fall into

I'm still a newbie, and my ultimate goal is becoming a successful real estate investor, with my immediate goal being to buy a duplex and house hacking it. With me becoming a full-time real estate agent, I heard I would need 2 years of salary in order for me to qualify for a loan. Have there been any complications regarding financing for deals as an agent? Even though I love my mom, I don't want to be living in her house forever lol. 

I want to jump into investing so bad, house hacking will happen, it's just a matter of when. Also, are there any complications of wholesaling while being an agent? Legally, that's feasible, right? I plan on driving around a couple neighborhoods this weekend and find some distressed properties and start marketing them. 

Some tips on becoming a successful investor/agent would be helpful too!

Thank You!

[Rich Hupper]

I have filed years of 1040 tax returns deducting as much as I can. This has now put me at a disadvantage in the financing world because my cash flow is so low on my tax returns. You want to have a talk with a lender, tell them how much you have for a down payment and how much of a loan you would like. They will tell you where your income needs to be to support the PITI. Then you need to talk with your accountant and make sure your cash flows are high enough each tax year to support that PITI. You don't want to deduct too many "business meals" for example.

From my experience talking with banks so far, it is much easier to get loans when you are employed.