All Forum Posts by: Mike Balcom

@Chris Connolly this is what I first went for but everyone I spoke with said no since it is an investment property or because of no current income. I think a HELOC would be best.

@Tim Johnson the 1099 jobs change ever summer and not for two years in a row now unfortunately but they are on my tax returns.

@Jaysen Medhurst, I am located in Naples Florida

@Jaysen Medhurst, Thank you so much! Are there any institution you recommend?

   As I am writing this I am very agitated and will be ranting a bit. I am a professional pickleball player (yes, as crazy as that sounds it is a thing). I coach and train folks at one of the most luxurious country clubs in the country (there is an airstrip on-site). It is a seasonal job that is very lucrative and a ton of fun. The problem I am facing is that it is a seasonal job.

Let me explain a bit about myself:

1. 778 credit score

2. Cash reserves in the bank

3. Never bankrupt or anything else negative.

I own a property free and clear. It is now worth about 240k and I would like to refi it so I can use that capital for my next investment. I own nothing on this property. I have spoken to many hard money lenders and they are more than happy to refi or just give me a regular loan but I am looking at rates 8-12%. I rather refi with a bank. I have tried Bank of America (my bank), they said no. I tried my local credit union, they said they do not refi investment properties. I have applied to other big banks and the answer is always no. Why is the answer no, well you see I said that it is a seasonal job.

I work there for 7 months and am footloose and fancy-free for the other remaining 5 months. I usually end up going up north and coaching at other county clubs but as a 1099 worker, not a W-2 employee, like I am at my seasonal job. Because of this, I can not secure a refi when I am not working, which is right now.

So why am I writing this, well I am looking for guidance. Does anyone know how I could refi this at a good rate? 

 

Hello BP,

Thanks for taking the time to read this! I am looking at partnering with my handyman on some future deals. We will be meeting this weekend to discuss the terms. I have been searching a lot and can not seem to figure out the beat way to structure the deal. Can anyone help me out here? I’m not sure if I should have him with a little skin in the game or whether we should split 50/50, I’m not sure what to do. I am open to any and all suggestions.

Thank you!