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Updated almost 5 years ago,
Best loan option for 1099 income?
I am a new investor and just ran into an unforeseen issue while trying to finance my third property (I own the first two but am trying to move to leveraged properties for scale).
I am curious to know if anyone has experienced this as well, and what the solution was.
My income has always been W2 but I recently moved to a new company 14 months ago. They're headquartered in another state, and because their health plan was limited to that state I chose to be 1099 for tax advantages. I am purchasing a townhome as a rental and cannot quality for a conventional investment loan because I have not been 1099'd for 24 months. I also have enough cash saved to purchase the property but it sounds like that does not matter. Again, I'm trying to move over to leveraged properties so I can scale the number of doors. Can anyone recommend a solution?