Quitting day job and need funds
I am currently finishing up a successful flip and own my primary home. I really have enjoyed the flip process and would like to continue with them. The overall goal would be to flip until I earn enough cash for a down payment on a rental, purchase rental, then continue flipping and purchasing rentals.
The downside of this flip is I still have my full time day job, and this flip has been eating up every second of personal time that I have. I really want to leave the day job behind but am curious how I attain a mortgage for these flips without a job or 2 years tax returns showing capital gains income (not even sure if that will qualify?) I will have down payment and improvement money. What are my options? Hard money loans only? Form LLC and get commercial loan? Would this require 2 years returns? Thanks in advance for any input.
Most Popular Reply
im in the same boat
credit credit credit
youll have to have a way of showing income for any conventional mortgage
even the corp has to show income for business trade lines
the only way to pull out of the w-2 is create your own company and be paid as an employee then you still have a w-2 income
other wise you are doing HMLending which works as long as the deal makes you an income
good luck
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