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Handling Income

investorB profile photo
  • Monday, July 28, 2003 @ 03:49 PM EDT
  • 4 Comments
I'm doing rehabs, which to me means a large chunk of cash 2-3 or more times per year. I've been financing with construction loans. Loan apps seem to desire a steady income. How do others with periodic--if large--income handle this? I had thought of some kind of account or business structure that could hold the money tax-free while it doled it out to me on a regular basis (paying the tax as I go). That seemed a little complicated. Ideas? Thanks.
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  • DavidBrowne
    DavidBrowne27th July, 2003
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    doesn't matter how you get paid. banks want yearly income and tax returns for loans. if you pay yourself to do the work its conciderd income

  • investorB
    investorB27th July, 2003
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    Thanks.

    Any ideas on how to reply when they ask for the last 30 days worth of pay stubs?

  • rajwarrior
    rajwarrior28th July, 2003
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    Give them the past 2 years of income tax statements. Self-employed have to do this since there is no 'pay stubs.'

    Roger

  • investorB
    investorB28th July, 2003
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    Thanks all.

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