hello all My question is how will undocumented income affect my investing potential.I have pretty good credit and make excellent money but because of certain reasons i can not be on the books with my employer because i refused a third surgery for an injury work mans comp refused to sign me off making me a liability i do not recieve comp but after 30 years in constuction i am not ready to leave the field i am now ready to start investing but am concerned about the hassle of the income thing thanks for any info
Howdy Pumpinironmd:
A lot of loan programs will use started income wher you do not have to verify the income. This is good for self employed folks etc. I did all my loans this way when I was borrowing from conventional lenders. I still had to show bank statements to some and 2 years tax returns to others.
Seller financing and hard money lenders and sub2 are just 3 methods of getting the money needed to aquire property where income may not even be a question.
I used to sit in front of my TV saying to myself if only I could do some more real estate deals. If I had good credit again and some money just to get srarted again and was not bankrupt and the list goes on why I could not do deals. Joining this club made me realize that I could do it again. I did amass a small fortune before I lost it all. I was just making excuses myself. Now lately I am doing stuff I did not even know I could do. I just get it in my bullheaded mind that I am going to do something and I getrdone. The how to do it just kind of happens to come to me in the middle of the plan. Sometimes I feel like I am in a zone or the force if with me or something. Just sitting here writing this empowers me to want to do more to help others and gives me great rewards. The more I help the more I want to help. I guess that is why I spend so much time here trying to help and I hope I helped a bit for you.
Thanks Ted I usually try to shoot for seller financing Thats how i aquired my small gym but back then i had documented income. I aquired my house the same way but put it in my wifes name because she had stated income.Now i am ready to hit this real estate thing head on.I have a never say die attitude comes from years of body building i guess.But it keeps me focused and gives you a bitof an addictive personality.So i will not quit trying untill i aquire at least five million.Thanks Ted