I’ve come to a dead end

2 Replies

Hi I’m Luke. First post, but ive been a member here for a bit. Not asking for a mentor, I’m just a bit lost and I’m wondering if anyone can point me in the right direction. I did pretty well in last years crypto market and pulled out somewhat on top when I saw it begin to crash. I’ve reinvested in major stocks and have been doing ok there as well, but ultimately I want to make a chunk of my money work for me and start earning some passive income. I have about 50k I’m willing to be aggressive with. Ultimately, I want to get into real estate. I have an 815 credit score, but lenders won’t give me the time of day because I’m a bartender and don’t work at one place enough hours to constitute as full time. In other words, I can’t get VOE to satiate a fanny Mae mortgage loan requirements. Are there any other ways to utilize my 50k to earn me some cash flow while maintaining 50k or more in equity?

Or are there other paths I can take to get some real estate under my belt?

Thanks for your time


I’m in a similar situation as I’m a server/bartender as well.

You could try just working in one spot full time. That should help. I’m going to probably find a full time hourly position that’s more stable. And even though it will be a pay cut from my tips it will be worth it to get mortgages. I’ll probably still keep a couple shifts in the industry though.

I spoke to some one at Wells Fargo and to constitute full time I believe they said 33 hours per week.

If you have 2 years tax returns showing u made money in tips they can use that.

My co workers always laugh at me when I claim every dollar I make.

But some options would be finding a co-signer, attempting a commercial loan. Using hard money to buy a rental and then use the income to qualify for a mortgage.

When shopping around for properties find ones fully rented so u can use 75% of that toward your DTI.

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