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Handling Income

investorB profile photo
  • Monday, July 28, 2003 @ 11:49 AM 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.

Comments(4)

  • no photo
    DavidBrowne27th July, 2003

    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

  • no photo
    investorB27th July, 2003

    Thanks.

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

  • no photo
    rajwarrior28th July, 2003

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

    Roger

  • no photo
    investorB28th July, 2003

    Thanks all.

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