acquiring financing for a self-employed investor

[Account Closed]

Hello All,

I would like to gain some insight and tips from the community regarding the challenges I've encountered in pursuit of my real estate goals since resigning from my W-2 position as an architect, which was in March 2017. I would like to purchase my second multifamily property and live in one of the units for a year in order to meet the primary residential loan requirements from most lenders.

I have income from numerous sources including a small business, rental income, some part-time W-2 work, and some 1099 work. I'm not at all worried about making payments as I trust in my ability to produce income and I have a relatively healthy savings account for a downpayment of 3-10%.

The lenders I have spoken with are saying that without a full 2 years of self-employment and tax returns, there isn't even a chance for traditional homebuyer financing. Others are saying that even after 2 years, if the income is inconsistent and not within the same field as my previous work, qualifying will be very difficult in the underwriting process. All of the work I do is related to design of the built environment, construction, or inspecting/estimating home repairs (insurance adjusting).

Any tips or recommendations are appreciated as I'm sure many of you have been through something similar!

edit: clarification

[Chris Mason]

Originally posted by @Account Closed:

Any tips or recommendations are appreciated as I'm sure many of you have been through something similar!

- Have your income appear on as few tax "entities" as possible to the extent that your tax professional says it is within the tax code. For example, assuming you file Schedule C, your residential and commercial architecture services should both be the Schedule C for your "Architecture" practice, instead of one Sch C for "Residential Architecture" and another for "Commercial Architecture" and another for "Architectural Consulting." 

- Honestly report your income.

- Pass go and collect $200 at the 2 year mark.