All Forum Posts by: Sara Timko
Sara Timko has started 1 posts and replied 5 times.
Post: NOW LIVE: All your creative finance questions answered!
- Posts 5
- Votes 3
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
Post: Buying a house with 1099 income and tips
- Posts 5
- Votes 3
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!
Post: Buying a house with 1099 income and tips
- Posts 5
- Votes 3
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).
Post: Buying a house with 1099 income and tips
- Posts 5
- Votes 3
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