All Forum Posts by: Evan Pickvet-Hall

You guys have all been very helpful. I do plan to move into it, which was why I wanted to ask, because, clearly, if I’m going to live in it, a residential loan is the superior option, and I wanted to make sure it would be an option. Thanks for the advice, everyone.

A quick question, for you guys. I’m looking at a fourplex, and plan to go the house hack route with it. However, my agent wasn’t sure if I could obtain a residential loan on it, even though it’s zoned as a residential property, which most fourplexes are. So, my question is whether fourplexes are always considered residential properties, or, can they be commercial based on a certain characteristic they have?

@Grant Rothenburger I have a good friend who is already a landlord. I’m not a huge fan of partnerships, but, with my options being limited, it might be the only way to go! Getting a co-signer would be difficult for me, personally, because none of my family members think REI is a good idea (who has family members, who aren‘t also Investors, that do?), and that, alone, probably would keep them from signing their name. A partnership is likely the direction I’ll be heading. Thanks for the help, Grant!

@Grant Rothenburger Perhaps a concise “pitch”, such as bringing a calculation from the rental calculator, receipts/Invoices for the property‘s expenses, a general plan of action, and showing them that I’ve really got my ducks in a row on a property, could sway them?

@Harjeet Bhatti I haven’t had to file a W-2 since filing my taxes for 2015. I quit working in 2015 to focus on my education, and didn‘t pick work back up, until I became self-employed April of last year.

@Grant Rothenburger Yes. I’ve talked to every credit union in my town, to similar results. The best I got was that one officer tried to find a loophole, and was not successful. The conversation always stops at “I’ve got only one 1099, instead of two.”

@Harjeet Bhatti My income, between last year and this year, probably increased by 25%, so yes. I’ve tried most lenders in my community, and everything looks great, until we get to the 1099 issue, which is why I’m considering private lending/hard money. I have a few more to try, so hopefully l, one of them decides to work with me.

Hi, all. I’m self employed, and looking to purchase my first rental in Mid Michigan. Unfortunately, I’ve only got one year of 1099’s, while every lender I’ve talked to requires 2 years of tax returns.  As you probably can guess, this has caused me quite a headache. So, I was wondering if you guys had any advice for someone in my situation. Should I go private lending? Wait until I get my second 1099 filed? I could use some advice. Thanks in advance for the help, guys!