All Forum Posts by: Account Closed

So S corp is the only way to issue a W2?

Happy New Year everyone! Let 2016 be a year of learning and prosperity for all.

I have a question and I would like someone who has done this and has experience with it to help me out. 

I have been acting as a sole proprietor on flips and wholesale deals for the major part of 2015. During last year I quit my job to focus mainly on investing and due to the lack of W2 I have been getting TONS of NO's from major banks because I can not show them a W2. There are other ways to get loans, hard money, private funds, whatever those I don't have an issue getting but I would really like to learn what the best option is when it comes to creating an S corp or some kind of LLC that would allow me to take the proceeds of my sales and use them to pay myself a salary and issue a W2 at the end of the year.

If anyone out there knows what would be the best step forward please let me know! I would love to get this set up and going for 2016.

Thanks in advance,

Shon

I have had many associates and friends graduate from Key Realty School on Flamingo and Sandhill.

http://www.keyrealtyschool.com/

Good luck!

Thank you Andy. I will give them a go. 

Heather would you mind sharing some of the lenders info that you work with?

Hello Bigger Pockets world! Need a some assistance in locating a portfolio lender in the DFW area. I have a hard money loan on a recent flip I have done. Decided to keep it in my portfolio. I am looking to refinance with the goal of pulling some cash out in a best case scenario. Bought the house total loan is about $108k and have an appraisal in hand at $157k. Still working on issuing myself a W2 so conventional is kind of out of the question talked to a few banks and haven't had luck. Thought the pros here may have some go to contacts. Please let me know! Thanks in advance everyone!

I have lived and invested in Fort Worth for the past 2 years. Some pockets are way hotter than others. I am tied with many investors in the area and we usually have quite a few properties at all price ranges. I highly suggest buying in Fort Worth whether to flip or hold. Great rental rates as well. If you are interested in seeing some properties give me a call or message me 7023019463 =)