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All Forum Posts by: Kate H.

Kate H. has started 2 posts and replied 39 times.

Post: Wholesalers in Sarasota Florida

Kate H.Posted
  • Sarasota, FL
  • Posts 40
  • Votes 10

Hi @Carlos Perez

Maybe @Brandyn Schwalm can be of help who is also active in the Sarasota area and does wholesale deals.

Great job Gary, the place looks absolutely amazing. Thanks for keeping us updated.

Post: The Truth About Lending: Part 1

Kate H.Posted
  • Sarasota, FL
  • Posts 40
  • Votes 10
Originally posted by @Zack Karp:

Hi @Kate H.

Ah, one of the many pitfalls in our business.  Going from a W-2 to a 1099 position makes you self-employed in the lending world.  You would not be able to qualify for conventional financing if you are just switching, and make sure you have an exit strategy if you are buying cash so you don't get stuck because you can't refinance using delayed financing.

So for delayed financing (and what about after 6 months of seasoning, like with a cash out refi?) you'd still need to show W-2 income or at least a year of 1099 income?

Great info btw with regards to 1 vs 2 years of tax returns!

Post: New Guy from Buffalo, NY

Kate H.Posted
  • Sarasota, FL
  • Posts 40
  • Votes 10

Welcome to BP @Sam Tato. Looks like you're already ahead of most of your peers by "house hacking". Great job!

Post: The Truth About Lending: Part 1

Kate H.Posted
  • Sarasota, FL
  • Posts 40
  • Votes 10

Hi @Zack Karp

Thanks for sharing your insights with us! Financing and all that comes with it is still a scary thing for most of us newbies, so gaining more knowledge helps a lot. 

I have a somewhat related question that you might be able to answer. Husband and I may switch to being 1099 contractors from our W2's soon which makes traditional financing for our first property difficult. We've looked into Fannie Mae's delayed financing and buying the property cash instead. Are there any difficulties getting delayed financing with 1099 income?

Post: Best Method For Buying My First SFH

Kate H.Posted
  • Sarasota, FL
  • Posts 40
  • Votes 10

@Account Closed

 Don't forget to check out The Book on Investing In Real Estate with No (and Low) Money Down (http://get.biggerpockets.com/nomoneydown/) that BP's own Brandon Turner wrote about this subject.

Post: New Member - Heath Lester

Kate H.Posted
  • Sarasota, FL
  • Posts 40
  • Votes 10

Same to you! I started browsing around on BP in January of this year and made it a priority to do something REI related every single day. After just a couple of months you'll begin noticing how much a difference in confidence it makes. I now feel ready to start making offers, something that sounded way too scary just a few months ago.

Post: Who's Been Sued

Kate H.Posted
  • Sarasota, FL
  • Posts 40
  • Votes 10
Originally posted by @Yoochul C.:

I think there was a podcast about this wasn't there?

Yes there was. I forget which one. However in my opinion, it was just a lawyer on the podcast to strike more fear into the community and also forwarding their own agenda to sell more LLC formations to the BP community.

Yooch

It was Podcast 109: https://www.biggerpockets.com/renewsblog/2015/02/12/bp-podcast-109/ 

Post: New Member - Heath Lester

Kate H.Posted
  • Sarasota, FL
  • Posts 40
  • Votes 10

Hi @Heath Lester

Congrats for taking the first step and welcome to BP! Start by listening to the 129 Podcasts that BiggerPockets currently has available, such a great resource. Don't forget the blog posts and of course the forums.

Enjoy!

Post: Take Action: My First Property

Kate H.Posted
  • Sarasota, FL
  • Posts 40
  • Votes 10

Congrats @Billy Maloney! Love reading stories like yours. I started listening to the podcasts on a daily basis around the time you did, and you're absolutely right about the knowledge you're able to gain in just a few months. Hope to start my "got my first property-topic" within a few months as well.