All Forum Posts by: Jay Miles

@Nicholas Aiola Thank you so much for this thread!

My question is regarding qualifying as a real estate professional. Is it possible to do so if your only investments are syndications as an LP? I’m thinking the 750 hours could be reach through the dictation, deal analysis, tracking, etc. 

@Nicholas Aiola I have been self employed as a consultant this year and have not yet established an LLC as I'm new to this world. If I were to do so now is there any way to redirect the revenue I've earned to date to my new S Corp to help reduce payroll tax a bit?

I've now found a few that can provide what I need. Best pricing so far is:

80% LTV

6.125%

2 points + $995 doc fees

5yr prepay penalty

Does this sound about right or should I be able to find better? Fees feel high but not sure if that's just typical for this type of loan.

Not sure I understand. Obviously the job is more important than a rental. I'm trying to use my year off and the cash I have saved to begin my REI career during this time. I have a good amount of cash on hand, a strong income, and a high credit rating, yet the 1099 issue seems to be blocking me.

@Bill B. I'm not sure your post addresses my issue. First of all, the rentals are turnkeys out of state, so no interest living in them. Second, my issue is that now that I'll be receiving income via 1099 for a year instead of W-2 and banks are saying I need 2 years history as 1099.

@Account Closed That's what I thought, just wasnt sure if there were any pockets of opportunity to be found. Thanks for confirming.

Hello,

I'm in a bit of an interesting situation that is currently impacting my ability to apply for loans. My current employment (W-2 job) ends this Friday, at which point I have a year-long non-compete before I can begin my next job (again, W-2). For the year inbetween I will be paid as a 1099 contractor, maintaining my same base salary during this time. My DTI is currently 23%. I have an offer letter I can share with lenders that stipulates all of this.

Unbeknownst to me, it seems this switch to 1099 temporarily will cause be a great bit of headache in getting the loans I was hoping to take out during this time. My plan was invest in 4-5 properties during my time off as I have the cash for the downpayments to do so. 

Any advice on how I could still receive mortgages in the expected range (20% down, 4.75%ish rate) during this time? Are there certain lenders who may be able to make this happen? Different products to consider?

Any words of wisdom to point me in a forward direction are appreciated. 

Can properties with rent ratios near 1% be found anywhere is Las Vegas currently?