Private Lending & Conventional Mortgage Advice
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated almost 10 years ago,
Private Lender needed/ Self employment woes
Hello,
I am looking at getting into my first property as a rental. I have about 25-30k saved and looking at getting into a SFH which is 255k give or take.
My credit score is 760
Being self employeed I made the mistake of writing things off which lowered my k1 and paying myself the minimum on my w2.
So what banks will lend me isn't enough.
I can pull reports on my business over the last two years to show proof of income if you wish.
Problem is people want "skin in the game" which if I had 30% or so... I would just go with a traditional loan.
I don't want to partner just like I don't want to work for anyone else, I enjoy my freedom.
I make plenty of money however don't show enough on my business income..