Girl I’ve bought 2 properties so far in my life, all while employed. Now I’m self employed, it’s a wholeeeeee different ball game. Ppl out here selling budding entrepreneurs dreams. It’s important to know that being self employed more or less puts you outside of their “safe” system, which makes you a liability.
You are truly a walking treasure trove of information! LOL I so appreciate these chats of every day lifestyle hurtles to business dealings. I truly appreciate you. Keep it coming. Thank you!!!
Thank you for this video. I will save this and use it as a guide for when I’m back in the market, which will be later this year or next. Have you considered a bank statement loan? If not, may I ask why? Im currently a homeowner now and plan to sell, so my process is almost identical to yours, including income! Id like to hear your thoughts on the bank statement loan. I know the down payment is higher, including the interest rate. Im just trying to weigh my options because this is also my first time purchasing as self employed and single - I am terrified with all the money for taxes. Edit: I just reached the end of the video, and I see you did mention the bank statement loan.
Thank you for sharing! When you purchase a depreciable business asset, you could depreciate it instead of claiming section 179 and expense it in the year you purchase it. This is what you did in some way to lower your expenses. A mortgage broker looks at many lenders to find which one would be a best fit for you. It is better than going to a local bank to get preapproval to purchase a house. If you don't mind borrowing from a bank not in your town, a mortgage broker might be a good fit.
@@TianaCoats You're welcome! Thank you for sharing! Banks lend easily to W2 workers than to self employees and you share great tips many should consider in their journey!
I’m surprised your realtor let you go under contract without having a solid profile and approval. I hope everything works out. I just became a homeowner myself and I held my breathe the entire month it took lol
We had a pre approval from Navy Federal but in the end we were denied. After working with him I realized that he probably was submitting to underwriting what was on our application instead of actually getting to know our finances, and making sure our profile was good for underwriting. On the application I put our gross income since I didn’t know at the time they went off net income. He just kept telling me everything looked good. After underwriting denied us that’s when he said our house put us over the DTI, but he never mentioned it the whole process! The whole experience with them was odd. Congrats on you home BTW!!
Such good points! Thank you for doing this, I know it will help so many people. Note: even if you are a W2 employee do not mess around with your account while you are trying to get a loan. No car or appliance financing like Tiana said. Getting a loan while you are in the process of getting a mortgage is not worth the trouble it will cause!
Tiana thank you for this video because it is incredibly insightful and helpful!!! One thing I would like to suggest is checking out the earn your leisure channel on here because they offered a lot of great ideas for my wealth action plan. I think so many things that they have as assets. Plus, on Monday's they have this trader on named Ian that really helped me start and I mean like $200 and was able to see that grow; I know that inspired me to then start seeing how I could cut cost but earn more. Please keep the great content coming!
Do you think is the market is oversaturated ? I want to start a candle business as well but I feel like there are already tonnes of people involved with this business. I like your videos and I hope you all the best. Greetings from Canada
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Girl I’ve bought 2 properties so far in my life, all while employed. Now I’m self employed, it’s a wholeeeeee different ball game. Ppl out here selling budding entrepreneurs dreams. It’s important to know that being self employed more or less puts you outside of their “safe” system, which makes you a liability.
You are so right! I think the financial stuff you need to know as a self employed person doesn’t get talked about enough.
You are truly a walking treasure trove of information! LOL I so appreciate these chats of every day lifestyle hurtles to business dealings. I truly appreciate you. Keep it coming. Thank you!!!
Awesome information
Thanks for sharing
Thank you for this video. I will save this and use it as a guide for when I’m back in the market, which will be later this year or next.
Have you considered a bank statement loan? If not, may I ask why? Im currently a homeowner now and plan to sell, so my process is almost identical to yours, including income!
Id like to hear your thoughts on the bank statement loan. I know the down payment is higher, including the interest rate. Im just trying to weigh my options because this is also my first time purchasing as self employed and single - I am terrified with all the money for taxes.
Edit: I just reached the end of the video, and I see you did mention the bank statement loan.
Thank you for sharing! When you purchase a depreciable business asset, you could depreciate it instead of claiming section 179 and expense it in the year you purchase it. This is what you did in some way to lower your expenses. A mortgage broker looks at many lenders to find which one would be a best fit for you. It is better than going to a local bank to get preapproval to purchase a house. If you don't mind borrowing from a bank not in your town, a mortgage broker might be a good fit.
Thank you so much for the info!
@@TianaCoats You're welcome! Thank you for sharing! Banks lend easily to W2 workers than to self employees and you share great tips many should consider in their journey!
I’m surprised your realtor let you go under contract without having a solid profile and approval. I hope everything works out. I just became a homeowner myself and I held my breathe the entire month it took lol
We had a pre approval from Navy Federal but in the end we were denied. After working with him I realized that he probably was submitting to underwriting what was on our application instead of actually getting to know our finances, and making sure our profile was good for underwriting. On the application I put our gross income since I didn’t know at the time they went off net income. He just kept telling me everything looked good. After underwriting denied us that’s when he said our house put us over the DTI, but he never mentioned it the whole process! The whole experience with them was odd.
Congrats on you home BTW!!
Super helpful 🌻
Excellent points! Thanks for sharing your experience.
Such good points! Thank you for doing this, I know it will help so many people. Note: even if you are a W2 employee do not mess around with your account while you are trying to get a loan. No car or appliance financing like Tiana said. Getting a loan while you are in the process of getting a mortgage is not worth the trouble it will cause!
Tiana thank you for this video because it is incredibly insightful and helpful!!! One thing I would like to suggest is checking out the earn your leisure channel on here because they offered a lot of great ideas for my wealth action plan. I think so many things that they have as assets. Plus, on Monday's they have this trader on named
Ian that really helped me start and I mean like $200 and was able to see that grow; I know that inspired me to then start seeing how I could cut cost but earn more. Please keep the great content coming!
Do you think is the market is oversaturated ? I want to start a candle business as well but I feel like there are already tonnes of people involved with this business. I like your videos and I hope you all the best. Greetings from Canada