Trying to acquire a loan as a bartender!

2 Replies


My name is Giovanni DiBlasio, I am an aspiring real estate investor out of Central, NJ. I am looking to get started by house hacking in the form of a duplex. I have done my due diligence, and I am sure I can make it work with a duplex in my area. There are no shortages of duplexes around here, either! My only issue is that I am a bartender and we do not claim our tips. This results in my tax return showing less than $20,000 of income for the year. I make more than enough money to cover my mortgage note if needed, and I have enough to put down a 3.5% down payment. My only issue is that I can not qualify with my amount of income. I am already on the job hunt for something that will qualify, but figured I would take to the BP community to see if anyone has any ideas! Thanks in advance!

I have to agree with @Aaron K.   

There are two practical reasons to report your income: if you want your income to count, then you must claim it.  Also, fanatical integrity has been cited by Dr. Thomas Stanley, author of The Millionaire Next Door, as one of the most important traits held by the majority of people who achieve high levels of success.  A few crooks get rich swindling others, but the vast majority of wealthy, successful people are honest.

Then there's at least one moral reason to do it: Honesty is good for the soul.

I make it a point of rejecting applicants for my rentals and refusing to do business with contractor if they work "under the table" for income.  I can never be sure when they'll decide it's okay to treat me the way they are treating Uncle Sam and their fellow tax payers.