How to get a loan with only 1099 income?
So I was wondering how is someone like myself who's sole income is based on 1099 is able to qualify for a loan? Most of my income from the past 5 years come from my Network Marketing/Home Based business which is a double edged sword. The good thing about this type of income is I get to write of around $50k/year in business expenses that I would normally need for my everyday life anyway, like my rent, nutritional product purchases, car, travel expenses etc. The bad thing is I show no income on my tax return which makes it difficult to build my real estate business.
Should I not use the write off's and pay extra taxes just to show an income? Or is there better ways around this? What are my options?