Quitting my job and the difficulty of getting bank loans?
Hey BP, everyday I'm at work I think about not being here and what it would be like to work for myself and even the ultimate goal of financial freedom. I've been thinking about quitting my job and buying a buisness possibly a route of some kind or something else.
My question is by doing this will this put my in a worse position in getting loans to invest? I really love realestate and dont want to take a step back by doing this.
Will I need 2 years of working in my buisness to get bank loans? Anyone done this?
Thanks!
Ryan
Most Popular Reply
@Michael Noto is spot on with his response. I'm a commercial loan officer at a local bank in Eastern CT and most of my borrowers are multi-family investors. Having a W-2 is crucial to getting commercial loans at the start of your investing journey. Bank's look at a global approach to underwriting your deal including the cash-flow from the property, your personal debt to income ratio, your personal credit score, your personal assets and your property management experience. Notice my consistent use of the word personal! Best of luck.