All Forum Posts by: Travis Henderson

All good man. I can see how it sounded a little shady if you aren’t familiar with it. @Account Closed thank you for your input. I think my best route is to save for a big down payment. Will give me time to learn more about all of this and find a good deal as well. 

@Jeremy Roberts did you read what I wrote? Nothing about what I said was disingenuous. Here is a link about my employers gitca arrangement with the IRS if you’d care to look it over. https://www.irs.gov/pub/irs-pdf/p4932.pdf

Thank you for your reply, but I have to say I don’t appreciate the “disingenuous” comment. My reported income is 100% legit. Am I missing something?

Figured this. Was hoping there was some other options out there but that’s just wishful thinking I guess.

My W2 shows I make 34k a year. My job has a tip compliance agreement with the IRS that taxes us on $12/hr in tips. I actually make around 33k a year that doesn't show on my W2. I have the option to report the additional tips and get them on my W2 but of course I'd be taxed on that as well. The tax free income is great but doesn't allow me to qualify for much of a loan without a huge down payment. Are there any decent loan options that would suit someone in my situation? If I could show a daily tip log and weekly cash bank deposits would that help? I know most conventional and FHA loans aren't flexible with unreported income, understandably. I have zero debt, and my credit score is 760+. I'd like to qualify for at least 260k. Any ideas would be appreciated

@Branden Sewell I’m a newbie to this just like you. I’m eager to get started as well but I also want to do whatever I can to make sure my first deal is as good as possible. That might mean waiting 6 months or more. While I wait I’m going to dive into this site and read every book I can. We have the benefit of learning from so many people on this site that have already been through the ups and downs we will face eventually. If we listen and learn from them hopefully we can avoid some of the pitfalls they ran into. Good luck to you.

Yes @Derek Jones I agree that doesn’t get me much at the moment. But I’m saving at a pretty good rate now and there are possibly some other funds available for a slightly bigger deal. I’d prefer not to be in the C-D type neighborhoods right out of the gate. Especially not living local right now.

Thanks @Jess White. I’ll definitely study the laws for CA regarding renting. I do see huge upside for the area with commuters from the Bay Area. More and more people are able to work from home and only have to commute into their job a few times a month. Making San Fran money and living in Sacramento is a pretty sweet deal. Thanks for the reply, and good luck on your RE journey.

Hi everyone. I’m originally from Sacramento and my family is still there. In 5-8 years I’d love to be living there again with a handful of rentals under my belt. I’m ready to start ASAP and would welcome any advice from anyone in the area that has some rentals. My brother is a GC so I should have some decent connections for repair and maintenance. I have 40k at the moment and zero debt. 

Thank you Russell, I wasn’t aware of any restrictions on that. I’ll be sure to research it.

Hi everyone. Im originally from Sacramento. Been in the DMV area about a year and a half now. I’ll be here for the foreseeable future and I’m beginning to look into buying something and investing. I’ll be looking to join meet ups and I’ll be active on these forums gathering all the info I possibly can. Most likely in my situation I will be looking to buy a place with a basement that I can rent out. If any of you have experience with this in the area  I would love to have a convo with you.