All Forum Posts by: Casey Briggs

I am looking to get a mortgage for my first property. When talking with my mortgage broker, he told me that as a 1099 contractor, I will need to show 2 years of work history in order to qualify for a pre-approval. Unfortunately, I have only been a 1099 contractor for about 1 month. A year and a half ago, I was working as a W2 employee and then took some time off with little to no income until now. I definitely don't want to wait 2 years before purchasing, so I'm looking for some alternatives.

Does anyone know creative ways to get around this requirement and get a mortgage? Are there other types of lending that would be a better fit for me as a 1099 contractor?

@Monica Bear

I'm also new but have built up my confidence through a few things:

1. Obviously, do your research. But rather than reading tons of information with little action. As you read, look at actual properties and practice the techniques (ie. If you're looking at how to estimate rehab costs, pull up a property and try to estimate the costs as you read each step)

2. Build your network of people you can comfortably ask tons of questions. Start with friends who own a property, find a real estate agent who will give you time, attention and guidance

3. Talk to a mortgage broker. They have tons of experience analyzing deals. Mine offered to run through the numbers with me. So I do the analysis on my own and then he coaches me on where I'm incorrect

4. Know that failing isn't so bad! Even if you fail bad, you're never going to lose your full investment. Getting skin in the game will help you learn a lot faster and with real experience, which is always better than imaginary scenarios.

You can do it! Make a goal to take one small step in the right direction every day, and you're on your way.