All Forum Posts by: Joseph Gray

What is the best way to file taxes to show a high amount for loan purposes, but still keep a low Taxable income? (Self Employed)

Currently I plan to list a higher Gross number, but after all of my deductions I have the net income number showing very low in an attempt to save as much as possible on taxes owed.

(I'll be looking to purchase a personal residence + additional investment properties in 2020)

I'm planning to use a traditional IRA up to the $6,000 mark to help on taxes as well.

If I show a small Net Income, will this hurt my options for real estate loans (both with a normal mortgage as well as hard money lenders and other banks)?

Or should AGI be of my greatest concern?

Thanks so much for any tips and advise! I'm still new to the game of real estate and love to learn from people who have been in for a while :)

@Brett Tvenge Thank you Brett! :) I would love to get his info!

I am currently working with Carolina Trust Bank which seems to be VERY competitive with there rates.

The more options the better!

@Patrick Britton Thank you! Definitely going to reach out to them! 😊 And congrats on your upcoming closing BTW!! That's awesome 👏

@Patrick Britton Tha k you very much sir! I will definitely reach out to them 🙂

@Alina Trigub Thank you! Yes, it is 8 lots total. The land only is owned however, not the mobile homes which sit on the lots. Thanks!

@Thomas Oliver Thanks! Currently most cash is tied up in a home with no mortgage note. I'm looking to do a cash out Refi though and maybe be able to recoup those funds to make this deal work

@Frank V. Wow that's awesome! What are the cash flow amounts on those monthly?

@Jordan Moorhead Thanks!

@Jason Graves I will ask them! Thanks!

@Joel S. Hello! It is located in Coward SC