Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. 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 almost 4 years ago,

User Stats

5
Posts
3
Votes
Riley McMinn
Pro Member
  • Investor
  • Charlotte, NC
3
Votes |
5
Posts

Recent Transition to 1099 and Can't Get a Refi!!! Any Advice??

Riley McMinn
Pro Member
  • Investor
  • Charlotte, NC
Posted

Hi BP community - just looking for some advice or answers as this is a new road I'm going down and not sure if there are many alternatives for this situation. All my life, I've worked W2 jobs and as of two weeks ago, took the leap to get into 1099 work selling solar paneling in the Carolinas. More income opportunity, chance to run my own business, be my own boss, etc... all the reasons one may decide to make the change. 

However, was in the middle of a refi on one of my rental units and upon communicating with my lender on my career change, I was told that there shouldn't be an issue as long as they were able to wrap everything up while I was still employed at my W2 job. Long story short, timeline went longer than expected and they were unable to complete the refi due to the job change and proof of minimal income after being in my role for just under two weeks. The only 2 options my lender gave were: Get a W2 job (which I won't do), or wait 2 years to be able to prove income that meets their requirements. Any thoughts, advice, or other options would be much appreciated as this is uncharted territory for me! Thanks everyone!

  • Riley McMinn
  • [email protected]
  • Loading replies...