Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 10 years ago on . Most recent reply

User Stats

30
Posts
6
Votes
Alan A.
  • Real Estate Investor
  • Orlando, FL
6
Votes |
30
Posts

Positioning oneself for first loan: Claiming taxes

Alan A.
  • Real Estate Investor
  • Orlando, FL
Posted

Hello BP.

Thanks in advance for taking time out of your day to consider my question.
I am trying to position myself to obtain financing for another rental property next year.
I currently have one rental property, of which I own 100% of the equity and is cash flowing well.

My problem is that I am self-employed. I recently quit my job to pursue REI full-time.
Despite the great gains in equity I have made this year (roughly 125k), my actual income (as to be used for filing taxes) is just under 30k.

I was told by a mortgage broker that being self-employed would require me to show 2 years of tax returns before qualifying for any financing. I will be filing taxes this week, and will need to wait for next year's taxes before meeting this requirement.

My question is this:
Should I consider paying MORE taxes (show higher income) in order to better position myself for better loan terms in the near future.

Many thanks!

Loading replies...