Updated over 4 years ago on . Most recent reply
NetworkNeeding mortgage help- unique 1099 (non-resident citizen)
Hey all!
Very unique situation. I’ve been trying to work with a lender that deals with special cases (referred by real estate friend) and im getting nervous that i wont be able to refi out of my hard money loan.
Bought a house that was a two for one deal one house down the studs which I’m planning on doing a addition on, and the other house my wife and I moved into an adu is pretty good size (1100 sq ft ish)
Bought the property for 409K
(Hard money 3700$ mo)
Updating the Adu right now as we live in it
(New breaker panel, meter box, future car charger, tile kitchen, refinish flooring, add bath downstairs, update basement as master suite)
Bottom line:
Self-employed, I have an S Corp. for my construction company, due to me doing a revocation of election through paris weiss associates (law firm), I don’t pay federal income taxes due to my nonresident citizen status (take home 130-150k yearly past 3 ish years).
Been listening to bigger pockets and it seams as if i need to nullify my revocation of election to get funding ( more easily).
In short, I’m not sure if you have a CPA or lender that deals with weird situations.