Replacing 9-5 income

[Bryant Xavier]

BP Community,

I’ve been struggling with dreading my 9-5 every time I wake up. I work in local government specifically in Parks & Recreation and the job is a lot like the show; very uneventful and there are countless hours of downtime. I find myself counting down the hours until I get to go home and work on my projects on my investments.

Financially, I’m at the point where I have almost entirely replaced my W2 income with my income from my STRs. Every time I go to put my 2 weeks in, I catch myself over complicating things and end up putting it off. This has been going on for 3 months now, and my main issue I’m running into is trying to figure out how will banks make loans to me if I don’t have a W2. Who has experience finding loans without W2 income? How different is the loan process without the W2?

Thanks in advance.

[Allen McGlashing]

@Bryant Xavier

I also work in the government sector and there is tons of downtime, I take advantage of that time by scheduling most things that I need to get done. I get most of my phone calls out of the way and touch base with my team. I would highly recommend you start working on your investments on that downtime it makes the day go by a lot faster and you already have a jump on things when you get home.

For financing this is where it gets tricky because a traditional bank will no give you loans with no W-2 income. With that being said there are other ways to get financing for real estate such as private money or hard money. Depending on the state you are investing in I could recommend a couple that work great with investors.