All Forum Posts by: John Ashley

 Hi Stephanie, I know it's been a while and the deal has changed a bit. What is the best way to reach you?

 Hi Ms. Partain. I'm not 100% certain that my message went through to you, so just in case, I am posting here as well. I definitely would love your advice. Thanks!

Good Afternoon Everyone!

I posted about this about a year ago, but unfortunately had a health problem (not Covid) that severely delayed me in acting. Everything is fine now, so I'm really hoping you guys can help me figure this out.

I've worked really hard over the last couple of years to get an 800+ credit score and almost all of my debt paid off. I even found a down payment assistance program with the City of Raleigh. I have an opportunity to buy 2 condos in a fantastic location from a family estate. The deal is awesome and I was planning to get a mortgage on just one of them for about 100K. I know that's small potatoes in what you guys typically look at, but I have larger plans in the future and need this to get me started.

My problem is that I am a 1099 employee. With all of my deductions, it appears as if I don't make much money at all. I thought that if I had a minimal guarantee from my company that it would suffice. My company agreed to give me one and write a letter stating so, but then it turned out that I needed to be a W2 instead of a 1099 with a guarantee. My company won't go that far and I can understand why.

At this point, here is what I am thinking. If I can't utilize the down payment assistance due to being a first-time homebuyer, then I would like to try to maintain that status for a larger project. With that, I am wondering if I should set up an LLC or something to get a mortgage with some of your sources for this and use the first-time homebuyer down payment assistance later. Will this idea even work?

By the way, for my first step in this real estate adventure, I am not looking to flip, but to live in one condo and rent out the other after some remodeling.

I'm really frustrated as I could make this payment in my sleep, but everything seems so rigid that no one is thinking outside the box.

Thank you in advance to anyone taking their precious time and consideration in helping me figure this out.

All the best to everyone in your endeavors!

Good Afternoon! I have an opportunity to purchase 3 condos, two of which are directly on top of each other and the third right beside the upper-level one. I'll be happy to share all of the details, but two would be bought from a family estate and would almost be a buy one get one type of deal so there would be a ton of equity. The third one I have already negotiated a price on and there would be a substantial amount of equity in as well. I have talked with a mortgage company that specializes in these type of deals, but would be happy to talk to another, however, if I go with this one, I am looking for a downpayment type of loan in the neighborhood of $40,000. I am open to creative solutions because this is an incredible deal that I want to make happen. Does anyone know of a resource that would do this type of financing based on the deal? I hope I am conforming with the guidelines of this forum as I am asking for information. Please let me know if I have done anything incorrectly as this is my first post. Thanks!