I can claim almost no income but will I be able to get a loan?

[Mark Burik]

Hey Everybody!

I've been wrestling with this question for a bit. I have a small business (not real estate) and I have currently have 4 buy and holds, each with 30 yr conventionals on them. We've had two years with a LOT of startup expenses in the biz and I can legitimately claim very low income. For the past two years, on the advice of my lender, I didn't use the deductions so I made it look like I made 50k on my taxes so that I could get some mortgages.. Of course the problem with this is that I had no money and needed to pretend that I did, and then I went into debt paying taxes just so I could get the mortgages... I now have 4 mortgages with cash flowing properties and I have next to nothing in the bank with tax season upon me..... Should I do this again and pay another 10 grand in taxes this year just to pretend I'm making a lot? Is there another way to loans that doesn't rely so heavily on the income I show on my tax return??