All Forum Posts by: April Zarling

We have found it nearly impossible to buy a house being self employed at this time. If we switch back to w2, how long would we need to pass before being allowed to use those pay stubs? How does it work if we don't have two years of w2's because we were 1099? We are doing the exact same job, only electing to get paid different. Thanks for any advice!

Hello all! I am hoping to find someone willing to be a mentor in the Dallas area. Maybe I'm asking a lot, but I'm extremely motivated to growing our real estate business fast, but smart...the least I could do is ask! We make approximately $20,000-$30,000 per month through our business as insurance adjusters and we have a steep goal of owning 12-20 units by the end of 2016. We are hoping to buy our first 4 unit with an FHA while paying off our debt. Once we have that, we would like to pursue others. We are open to investing anywhere in the country, we are just currently in Texas. I appreciate any feedback or help!

Thank you, @Upen Patel and @Charlie Fitzgerald. I appreciate your responses!

Hi All! 

I know there are tons of discussions about FHA loans and self employment and I have tried reading a lot of them. I had read somewhere that FHA lending requirements can accept less than 2 years of self-employment given that the individual has been in the same industry for 2 or more years. Our specific situation is that my husband was employed in the same industry with a w-2 for 1.5 years but then do to tax reasons we had switched over to 1099 still working for the same company in the same industry. They are now stating that they are only willing to go from the last 6 months of when he started the 1099. Logically, one could decipher that it's the same job, in the same industry. I have started calling banks and no one seems to know and just tells us that we do not qualify for the loan. Does anyone have experience with this in particular or know where I can find more information to present to the banks? I am trying to work with local banks vs the larger ones as well. We would like to purchase an owner occupied 4-plex.

Chris M. , my loans are in forbearance and we are looking to buy our first four plex with an FHA loan. Do you suggest taking it out of forbearance so that the DTI is lower? I haven't consolidated them and I suppose the other option is to take them out of forbearance to consolidate. Have them take the DTI and then request another forbearance. Suggestions?

@Sam Erickson, near UWM, South Milwaukee, Cudahy, Greenfield, Wedt Allis. 

Hello all! I am new to bigger pockets and have been listening to the podcasts for the last 3 months. My husband and I are from Milwaukee, WI. We are insurance adjusters and travel all over the country. We currently do not own any properties, but our current job (set up as an LLC) allows us to bring in a lot of capital over the summer months. Our goal for 2016 is to purchase 4-5 multiplexes. I look forward to learning from everyone on this blog!