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Updated over 4 years ago on . Most recent reply

User Stats

13
Posts
5
Votes
Edwin Revolorio
  • New to Real Estate
  • Inglewood, CA.
5
Votes |
13
Posts

Get a job under self employed with Dad, or get a W-2 Job

Edwin Revolorio
  • New to Real Estate
  • Inglewood, CA.
Posted

Hello BP Community, 

I'm having a bit of a dilemma, I currently work with my dad but have been paid in cash, so I haven't filed any taxes within the past year, since July of 2020 which is when I started working more consistently. I haven't worked consistently since I still go to college, but have gained some capital. Now as I'm learning and preparing to buy my first property, I've come to realize that I need to file taxes in order to have this presented to loaners such as conventional banks. I do understand that I could get a private lender but I would like to have other options, I'm not sure if I should be filing for a 1099 with the amount of Money I've made which is about 10k. Should I try to get a job that gives a W-2 instead? Since it would technically be easier to show banks? How important are taxes when buying your first property? I'm 20 and working with my dad in painting houses is all I've done, I enjoy working with him on his business, in the process of getting his contractors license, and advice is really helpful! Thanks BP Community!

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