Updated almost 11 years ago on .
Financing on a 1099 and Presenting to an Investor
Hi all,
This is a bit of a two part question, I'm currently contracting to a large scale rehab company as a business consultant and am 1099'ed. My end goal is to purchase rentals and build an extensive portfolio.
With this in mind, There is an opportunity for me to take the leads that don't meet their requirements for flipping and have them wholesaled to me for buy and hold.
With my experience in structuring the workflows, down to the details of efficiencies, of a rehab business, my plan is to rehab the rentals and refi them into long term cash flowing properties.
Onto my question - As I'm 1099, am I better off being patience and building 2 years of tax returns on 1099 income in order to finance a loan and build that way?
On the other hand I'm confident I can put together a great package on the right deal in order to present to an investor friend of mine that could fund the purchase and rehab. In this case should I'd look to provide 50-60% of the deal to them on an approximate 3 year hold into to get me to a point where I can refinance out.
Am I even slightly on the right track here?
As always, thanks for all of your help