Updated over 5 years ago on . Most recent reply
Low income 1099 employee starting out on REI
Hello!
I'm looking to start my REI career. I work in clinical healthcare and I've been unhappy so I'm looking for change. I've been a part time contract worker the past year and have done my taxes which show my Adjusted gross income as very low - 18k due to write offs and low income to begin ~45k. I have money in trusts and the stock market. I have cash as well but would prefer to not use my cash and do it more traditionally, as my cash is from a trust fund and want to do this on my own. Spoke to a lender and feel defeated as I only qualify for a 60k property. What strategies should I take to get financing on my first single family property? Will have to do out of state investing since I live in CA. Feeling helpless but ready to overcome this obstacle. Ready to get started now, so yes I can increase my income by working more but I'm ready for REI now as I've been considering it for many years. Suggestions? Also any suggestions for specific podcast episodes that will educate me. Thank you!!
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- Tax Strategist| National Tax Educator| Accepting New Clients
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Did you have to write off everything you did?
Being aware of lending income levels is important when doing your taxes. You may not want to go as aggressive with some of the choices going forward and showing a little more income.
