All Forum Posts by: Sante R.

@Sante R.  Doesn't that look bad? Any suggestions how that works ? 

Brandyn this is what you call "creative financing".... :) SOME (not all) may frown on this method. However, my DTI was out the roof so I knew a mortgage was OUT of the question although my scores were 700. I opened a few lines of Credit, a few CC's and purchased. I later leveraged the properties. With this method, you really have to be disciplined and very careful. Good Luck

I own my own business and as many self employed people do, they write off as much as they can. 

I've learned lenders don't like this.

My W2 is $25,000

K1 is around $11,000

Car payment is $498

Credit card #1 is $15 minimum payment

Credit card #2 is $25 minimum payment

Fiancee works for a property management company so we have our rent comped 

No other debts 

I currently have $26,000 saved 

I want to get into a property between $118,000 and $130,000

I plan on renting it out for between 900-1100 

Single family home 

I will be buying out of state 

My statements show between $5000-$7000 a month of income coming in. ( I'm not writing off anything anymore, besides car and rent for my business)

No lenders will lend to me I've tried 4 because my debt to income from tax return the last 2 years don't show enough ( damn self employment)

Hard money lenders on the website says declined because no rental experience and too high DTI..

What options do I have? 

I don't feel like partnering. 

Nothing good comes from making these blanket statements.. While your # 1 priority is to protect your investment, these types of statements shouldn't be made under any circumstances...

regards,

Chris

I personally require pay stubs and that solves that problem :) I also require the money to be direct deposited into my account so no cash :)

Did she move out or stop paying? Get a new tenant and there you go. Half the time the problem is getting rid of them.

@Sante R. probably not likely for a tenant who is not paying you. They are probably insolvent and therefore can exclude it from income for that reason.

All I am is saying is it is really not worth your time. However, the best use would be as a scare tactic to get them to pay.

 Wayne,

The reason is 99.99% of landlords are cash basis that means you do not need a deduction for the unpaid rent as it is simply was never included in income to begin with.

Landlords are cash basis and cannot issue a 1099-C. You simply include it in income. Granted you can threaten a tenant with it to make them freak out.  But that can be frowned upon in court.