Columbus Ohio/ Los Angeles, CA · Member since 2019 · 23 posts · 20 votes
Hello!
I've been researching and learning a lot on Bigger Pockets (I have now read 4 of their recent books including BRRR, and listened to 3 of their audiobooks on real estate investing). I'm hooked to say the least!
I've already started the process of looking at ways to house hack in Los Angeles and am currently working with an AWESOME real estate agent (Michael Tripp).
My current hang up is that because I work as a producer and TV/Digital host all of my income is 1099. This serves a large problem when working with lenders as they see my financials on paper like I'm broke!
While this may have already been a post somewhere (so I appreciate all replies), does anyone in the LA market have recommendations for lenders who work with people that have non-traditional income sources (not solely W-2).
Any and all help is appreciated here, thank you kindly!
I have two names for you, though I'm not 100% sure they'll be helpful. I'm in a similar but better situation: I'm also a freelancer, but employers 1099 my corporation, and then I receive a W2 from my corporation. Nonetheless, these two guys seemed very flexible and understanding of alternative income in LA: Benjamin Pruett at Chase Bank and Dan Millstone. I'll send you their contact info directly (because I can't post it here, apparently).
Dan is a broker and seems like he can get very creative. I sent him my financials and asked what my max purchasing power was, and he said something like, "Well, it's such-and-such, unless we go in and find some hidden income, and then we can probably get to such-and-such." So I get the impression he knows how to work with 1099s.
Thank you so much!! I reached out to both and we are on our way to figuring out some kind of option... I really appreciate you taking the time to reply to me!
I'd recommend Jess Silva at North Star Funding. They have bank statement loans where they only look at 2 years of bank deposits and not your taxes. He also have other programs available where you only show 1 year of taxes. It really helps if you freelance through your own LLC. This guy knows all the options and can think outside of the box.