All Forum Posts by: Royce Wright Jr

Thank you all for your recommendations! I will look into DSCR and some owner financing.

I have a business account for the LLC that everything goes into, then I take owners draws from that whenever - not on a schedule.

we have a joint checking and savings account that her W2 gets direct deposit into every two weeks. 

I am very new at this whole thing - so be easy but direct LOL

I haven't had a W-2 in around 2-ish years. My single member LLC has been active since Feb 2020, but started actual work in Dec 2019 with a VERY small amount of income for that month, which increased each month until COVID hit, then crashed until about August and then picked up significantly. So I only have a full single year of tax returns for it (2020)at the end of the day. During 2019 I did some under-the-table work for the summer doing carpentry so obviously I cant use that income to qualify anything, and that gap between my W-2 and 1099 is majority of the year. I did have a W-2 for the months of January and Feb in the same field as my LLC - tech support type of work. Location is New Hampshire in case that matters.

That being said - all the lenders my fiancé and I have tried, require 2 years tax returns for the LLC, and with 2019 being almost nothing, the average per month is SUPER LOW and wont qualify us for anything. So here's a breakdown.

FICO8 Score from Experian:

• - Myself: 685
• - Fiancé: 681 Also has a W-2 with income of $42k-ish
• - DTI is like 20%

2019:

• - January and Feb W-2
• - February- November - Under the table
• - December - 1099/Self Employed

2020: 

• - January-February - 1099/Self Employed
• - February - Single member LLC started. All income I make is now made out to LLC
• - May - got my Real Estate license and have been getting the commission checks under the LLC
• - February-December - Revenue is up and down due to COVID, I did receive a EIDL Grant of $1k, and a PPP loan for $3500 (which has been forgiven)

My question is: Is there any lender that is more "self employed" friendly that will work off my 2020 return and NOT my 2019 return? Even private lenders? They told us "wait until 2021 tax returns are done and come back" - but im paying $1550 for a one bedroom apartment with some crappy *** loud neighbors and a few drug dealers with a baby on the way. Ideally id like to get out of this situation. 

- We have tried CMG Financial, LeaderOne, and our local credit union with no luck. 

Let me know what you think! I am not asking for deals, or mentorship or anything like that - I just want some guidance and maybe some places that have worked for you or someone you know that was in a similar situation.