Good Evening Investor’s,
I am a 24-year-old college graduate of business administration with my focus on accounting. I have had serious interest in real estate for the past 6 months. I have educated myself through many books and attended real estate seminars as well. I am looking to take action at this point and could use all the help and knowledge I can get.
Since his will be my first house investment I am looking for a single family home that I can either rent out or renovate quickly. I make untaxed income from 6-10k a month depending on the roofing jobs I get. I have around 50k to invest in a down payment if needed but can’t get loans from mainstream banks due to my income being untaxed. I have been recommended to find a portfolio or hard money loan. Has anyone been in this same position? If so what were your steps?
Last I checked, income from doing roofing jobs would most certainly be taxed. If you're not reporting that you're evading taxes and have bigger potential problems than getting a loan. File your taxes correctly, pay the tax you owe and you'll have an easier time getting a loan.
If you're looking for specific lender's you'll need to post in the Marketplace.
Jon Holdman, Flying Phoenix LLC
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