All Forum Posts by: Mark V.

I'm at the point new where I need to figure out if I should pay up in taxes and pass on deductions to report up or just write down and go non-traditional. I hate paying extra taxes myself. Part of the annoyance of my CPA training.

 This is a primary home not an investment property. To my knowledge DSCRs only work for investment property. I'll be living in the home.

 1099 income in 2022 was 110K. it was 166K in 2023. I write off a lot though if going the traditional route. I had a SEC 179 write off in 2023 that brought my income in 2023 way down (I'm a YouTuber and Blogger - I film a lot so I got a truck over 6K lbs and wrote it off after documenting 65% business usage via my mileage logs.

Hi There. A DSCR loan wouldn't work in my metro. Rental rates aren't high enough I would have to probably put over 33% down which I don't have that much to put in. This would be for a primary not an investment also

Hi all,

I'm nearly done with my taxes so I want to start prepping. Looking to buy in the summer or near the end of the year.

I may actually qualify for a traditional but I need some advice.

Right now I'm a hybrid w-2 and 1099 worker. I started a new job in January (after being without the W-2 for 6 months due to a layoff) - how long will I need to work at this new job to have this included as part of my income? I've been in the same career field for over 16 years. Gross monthly from that is 11,250.

Also my 1099s add up to 166K (13.8K monthly) for 2023. My taxable for the business was only 16K though because I did a big sec 179 for a vehicle and did another set of big write offs for tax purposes.

I also have had a roommate for nearly 2 years. Who pays me $800 a month. I have documentation of payments and evidence he lives here and a rental agreement. He will be moving with me in the new home. I will also get another roommate who will also sign an agreement (I’m house hacking), but I think I need them to live with me for a year for it to count.

Please let me know what a lender would include for gross income for traditional for non-traditional. I'm weighing my options. I'm looking at homes 500K and under and looking to make a 10% down payment (I can do more just planning). I think that puts me at $4100 a month all in with escrow included. I also have a $2000 a month child support order on my record and a $580 car note. No other debt.

I have 2 CCs I pay off every month and a 810 credit score.

 Anyone know a mortgage broker so I can plan what I need to do? I’m trying to figure out what to do for taxes for a mortgage application. If I report up I can show a lot more income but I pay a ton of taxes. If I report down, I probably won’t qualify but I could do a bank statement or 1099 loan and figure out how much I need to save up for the down payment. Trying to figure out the best route for me to do.

I’m W2 and 1099. My 1099 is more than my W2 this year.

i have had self employment income for several years now. This would be the second year in a row I would make 6 figures + in 1099 income.

 Is that common here in Austin? Wasn't sure. It would keep my debt-to-income ratio down though. Not sure how you buy a duplex like that from a seller to split it. Is that something they would need to agree to or do you split it afterwards?

 Thanks --- self directed would be in the future with another home that I wouldn't live in. This one is for one I'm going to live it.

Thank Jordan,

Yea I make a lot more than $80K. I have an 800 credit score though and have credit lines over 20 years old. I'll shot a DM to Tim

Thanks Jason. I'll look around. I can do a 5 or even 10% no problem on my end. We should be able to manage to do this without an FHA then he can use and FHA or I can if we decide to get a single family for ourselves later on. I would be okay doing an FHA on this if I have to. He is as well. The payments with roommates isnt' that bad from what we are seeing with these units.