Hey there! So, I’m thinking of buying a multi-unit property using an FHA loan and house hacking it. I’m chilling just west of Philly, rocking a solid 730 credit score. Lucky me, my old company offered me a gig as an independent contractor about 1.5 months back. And hey, in my first month, I raked in $17k working solo, managing to pocket $14k after covering my rent, food, gas, and car expenses. Sweet deal, right?
Sure, not every month will be a cash bonanza, but even on my worst months, I’m looking at making at least $8k before taxes and living costs. Plus, I’m on the path to hitting over $250k a year within the next couple. So, here’s the burning question: How feasible is it for me to snag a property given my current setup? And how soon can I snag one with the usual mortgage approval criteria?
I’ve heard that for most loans, if you’re a 1099 worker, lenders usually want to eyeball your bank statements for about 12-24 months before giving you the green light. Is that the real deal? Any hacks to fast-track this process so I can jump on investment opportunities sooner rather than later? Owning rentals has always been a dream, and now that I’m pulling in 10k+ a month, it seems like this dream could become a reality much sooner than I thought. Any tips you can toss my way would be awesome!