All Forum Posts by: Sara Timko

Hello!

I am interested in the step by step process of actually closing a subject-to deal. I'd also love some help with scripting/pitching to sellers. What points should be explained up front to persuade them? Most importantly, what are reasonable/ballpark terms that would signify a good deal with seller finance (any interest rate less than market??). Is it reasonable to ask for 0 down, or do they frequently ask for 10-20k?

Thanks!

Sara

@Jared Rine,

Thank you for the response! That's very helpful. I think that because I'm an independent contractor affiliated with a very successful company and I have a set schedule, a lender should be able to see that there isn't a ton of variability in my income or a risk of losing it. I was going to aim to get my first property locally here in Asheville so I can house hack it but I'm really open to anywhere that I can find a great deal. 

@Derek Robinson Hi Derek! Is this meetup still going on? I'd love to join!

To be clear, 13 months of history with the delivery company, not in total. But from what I understand they only care about my current position(s).

Hello everyone,

I've been following Bigger Pockets for a while and working to get my credit ready for the best loan & interest rate possible. However, I've run into an issue that I haven't seen discussed much in my research. I work full time as a delivery driver where I receive a 1099 as an independent contractor. I have 13 months of work history, but lenders keep telling me I need 2 years of history. I also make tips as a waitress and even though my combined income from these 2 jobs is  around $88k, lenders also want 2 years of W2's from tipped income. 

I guess my question is, how can I get around having to wait an additional 1-2 years, and what types of loans or lenders might be willing to get me into my first property faster? 

I appreciate any and all leads! I plan to make real estate investing my primary occupation, but don't want to wait so long to get started.

Thank you so much,

Sara