Updated about 10 years ago on . Most recent reply
I have an Issue
To anyone reading,
I am new to the bigger pockets forums but have been listening to the podcasts for quite some time now. I am a recent college graduate who has begun a career as a tenant rep broker in the commercial real estate industry in Atlanta. I have been reading and listening to many podcasts on real estate investing and am itching to get started. But I have hit a road block and need some guidance.......
In my current job I am being paid a non-repayable draw (kinda funky). Basically, it is a salary of 35K, but it will go away at the end of the year. My boss and I will discuss my progress and develop a plan to either go on draw with the company or 100% commission starting next January. Currently, I am living at my parents and stockpiling cash. I have quite a savings account built up and want to invest in real estate and move out. House Hacking seems to be the ideal situation to me but I am certainly open to suggestions.
The problem is, I am unable to be pre-approved by a lender because of the way I am paid. The lender wants at least two years evidence of cash flow through commission before they will do a pre-approval. Also I am a little scared about becoming 100 percent commission and having the liability of a mortgage. I want to get started instead of waiting, but my situation in pretty interesting.
Any advice would be greatly appreciated!