AmyBass 0 Report post Posted March 27, 2007 I have been reading that with stated income loans for self-employed you need 2 years of history and a letter from your CPA. We are just getting started this year. My husband is currently in the Army, but is getting out later this year. We would like to use the income from our investment properties to get more loans and be able to count the profit from the investments as income. Could I use my HUD1 forms showing my profit for each deal (when I sell my properties) as income verification? Would I have to wait 2 years before I could start counting my investment income? Any insight on how it works for real estate investors would be great. Oh and about the whole CPA thing, we aren't really huge investors yet so i'd prefer to simply use TurboTax for my tax returns if at all possible. The investments we get involved with are short term holds of about 6-9 months so we will get big paychecks a few times a year as opposed to a monthly pay. Share this post Link to post Share on other sites
AmyBass 0 Report post Posted March 27, 2007 Just wanted to add that my husband is getting chaptered out of the Army for seizures. So we wanted to do Real Estate full time because he would have a hard time finding other sources of employment. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted March 27, 2007 I have been reading that with stated income loans for self-employed you need 2 years of history and a letter from your CPA.Not necessarily, Amy. There are other factors that come into play. Your credit score, for example. Find an investor friendly mortgage broker and find out what programs he/she has that fit your needs. You may be pleasantly surprised. And if there are any REIC's near you, that's usually a good place to find a few. Share this post Link to post Share on other sites
AmyBass 0 Report post Posted March 27, 2007 I have been reading that with stated income loans for self-employed you need 2 years of history and a letter from your CPA.Not necessarily, Amy. There are other factors that come into play. Your credit score, for example. Find an investor friendly mortgage broker and find out what programs he/she has that fit your needs. You may be pleasantly surprised. And if there are any REIC's near you, that's usually a good place to find a few. Credit score is 750 with at least $12k in cash reserves at all times. Does that make a difference? Thanks, Amy Share this post Link to post Share on other sites
MichaelC 160 Report post Posted March 27, 2007 Credit score is 750 with at least $12k in cash reserves at all times. Does that make a difference? Thanks, AmyIt should! Shop around, and as always, buyer beware. Share this post Link to post Share on other sites
djm1029 0 Report post Posted June 11, 2007 Amy, I do work for quite a few investors like yourself. There are lenders that will do what you are looking for, you just have to find them. I would find someone to do that leg work for you, just do your homework. Share this post Link to post Share on other sites