All Forum Posts by: Lola Omishore

1.Open an LLC and EIN. Appoint yourself as owner

2. Open a business checking account for said LLC.

3. Hire an accountant

4. Have said accountant set yourself up as a salaried employee and have them run payroll biweekly.  You will be required to pay fed/state taxes, SSI, medicare, unemployment insurance on whatever annual salary amount that you choose to pay yourself. 

5. Demonstrate at least one year of biweekly salaried w-2 payments and file your tax return. Have a personal and business tax return. Claim expense deductions on the business and not on the personal tax return so that your personal income is used favorably towards your DTI.

6. Keep paystubs, business account statements, personal checking account statements when seeking financing.

You will qualify in one year. Not a quick solution, but it will be an issue that you run into time and time again if you’re investing in real estate.

I say that from experience, sadly.

Hi @Eric Fichera, it’s nice to see a fellow physical therapist on BiggerPockets!

Like you, I have a lot of student loan debt, which has definitely impacted the ease of acquiring real estate. It hasn’t hindered it however.

I purchased my condo in 2017 which was NO easy feat and I'm currently in contract for my first investment property. Again conventional financing wasn't an option due to DTI

This is where you get creative, seek lenders that cater to borrowers that don’t meet conventional lending requirements but otherwise would make a great candidate: Having a high down payment amount to put on a property, great credit score, no bankruptcies, and if you’re looking at an investment property loan, having a property that provides CASHFLOW.

That being said, first thing to do is to analyze your current financial situation. You have $80k in loan debt, what is your monthly payment due, interest rate, and loan repayment period? More importantly, what other debt do you have that has a monthly recurring payment?

And most importantly, what is your annual income before taxes, not including 1099/independent contractor income that isn't taxed and likely won't be considered in factoring your DTI towards a mortgage.

-Lola

Your best bet would be to use a mortgage broker that has access to a portfolio of hundreds of lenders and has an existing relationship with said lenders. Yes, it will cost you a brokers fee, but it saves A LOT of time and headache, trying to reach hordes of lenders that aren’t being responsive while you have a time sensitive deal on the line.

The mortgage broker would have insight on which lenders are still operating during this time, might be new provisions to qualify for a loan, but there are definitely lenders still in operation.

What kind of loan are you looking into? A conventional loan or portfolio loan?

-Lola

Hello!

would you consider having this event on a Saturday? 

I’d be coming from NYC and would love to make it 

Thank you all for the heads up. This guy will not stop his antics unless the people that have been wronged band together to get local and state law enforcement to look more closely into this man’s fraudulent “businesses”. 

I’ll be sure to avoid!