Handling Income
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.
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
Thanks.
Any ideas on how to reply when they ask for the last 30 days worth of pay stubs?
Give them the past 2 years of income tax statements. Self-employed have to do this since there is no 'pay stubs.'
Roger
Thanks all.