Leaving a W2 and Lender Concerns

[Anthony Parr]

I am leaving my W2 this summer. The lender that our team has been using stated that he would need two years of evidence of income to issue conventional loans. Without a lending partner, we would not have the income from investment properties to show as evidence for those two years. I am transitioning into real estate and getting my real estate license over the next couple months. Eventually, that will generate something, but to me, this is nebulous.

Should I request pre-approval on large loans that we could utilize to purchase properties or should I look at this from a different angle?

We have assets and equity at this time to qualify for whatever conventional loans we would need.

Thanks

[Matthew Crivelli]

There are all kinds of products available from the private lending industry to meet the needs of people just like yourself. 30Y & Short term loans that can be used to purchase/rehab/refi investment properties without DTI , employment or tax return requirements. The rates and closing costs are generally higher but the money is just easier to get and close times are also generally faster than banks. I would reach out to different companies to get a feel for what is out there. @Anthony Parr