Hello,
I wanted to start engaging with the community more so looking for forums to speak on and connect with, but also wanted to start one with a question I've been wondering about for a week or so myself. And that question is, first a description of my situation that raised this question:
I worked a grocery store job for many years as I made it through high school, college, and a couple years after that, obviously low-paying. Earlier this year, I got a new job, still not amazing paying, but significantly higher than my job at the grocery job. It's not quite full time, and I kept the other job to help full in hours, new job, is weekdays, old job, is weekends. I hear that banks look for you to work in the same job/industry for 2 years and look at that income to judge for what you qualify for in terms of a loan. So now I'm in a position where my job that would fill that, last two years, I still have, but the hours are severely reduced, and thus the income from just that job is too. However I have the job I got around the start of the year (in combination of part time with the original job) that has increased my overall income, not only from increased wage, which has been significant, but also I have been working more overall. (I used to work full time for the grocery store job, so roughly 35-40 hours a week, and now I work the new job in transit for roughly 30-40 hours a week [hours can vary, but I tend to be on the higher end of about 35 hours] and retain working at the grocery store for about 15 hours on the weekend. That can also be a little higher as if I get a day off at the transit job, I will go into the grocery store job and help out there for a few hours to help balance hours even more so.)
As I was saying, how would that affect my qualifications for a loan as I start into real estate investing? Would they factor in my new, higher income as, and I should of mentioned this before, I've been working this new job/situation and income for roughly 6 months now, or would they just ignore it? If they ignored it and just looked at the one job that I've had for greater than 2 years, would they factor in the hours lost at that one job alone? Or would they just look at the last two years of full time work I had there, conscious that the hours there were recovered elsewhere?
When I worked the original job, full time, I would say I would earn roughly $20,000, before taxes. Looking at my income for both jobs for the last roughly 6 months, if I had to estimate I would say roughly $28,000 would be a conservative call of my income a year with my new income. Not big numbers, but a significant percentage increase, so that's why I've been pondering this.
Any insight you may have regarding this would be appreciated, but in either case, thank you for reading this little lengthy post! Looking forward to getting to know this community better and better as time goes on!
Thank you,
Leland Campbell
