How to get a loan without a W2 job?

2 Replies

I am just starting down the real-estate investor road, and cannot wait to pull the trigger and invest in my first rental property. I have great credit, and my income is good, the only issue is I don't have proof of income (aka I don't have a W2 job) I currently work as a independent contractor for an international company, and thus do not receive a W2. I only receive a physical pay check every month. (my bank statements do show consistent income over the last year and a half. 

I briefly talked with a finical advisor and he said I would need to set up an LLC, but would that would still take two years of consistent income before I would qualify.

Is there any way to get around this? I don't want to wait 2 plus years to get started.



I think they have a few no doc loans out also a few owner finance properties you can look at as well.

@Madison Hauver , I am in the same boat. My husband just switched over to 1099 employee and had to start up his own LLC. This was in December, so we **only** have 18 more months to go. Sigh.

Do you have any sort of relationship with a local bank or credit union? They will sometimes offer portfolio loans, which is where they give the loan knowing they will keep it in house rather than try to sell it. 

Have you heard of Hard Money Lending? Perhaps this could be the road you take while waiting for your LLC to mature.

I would open the LLC now, because it will always take two years of income to qualify for a loan, and at least you will get started.

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