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urbanrealtor
ParticipantActually, since 1099 income is considered significantly less reliable than w2 income, there is something different.
I am not a terribly high volume agent but I generally close more than one deal per month (it will be like 10-12 by June).
Currently, because business is slow, I am the top producer in my (rather small) office.
The next producer is our loan officer.
She has informed me that neither of us currently qualify for any sort of lending.
While we find this funny (and understandable, c’mon we work in real estate) it really means that a lot of people who should get loans or refi’s cannot.
Here is an example:
I have two clients (a couple) who just closed on a purchase.
The guy clears more than $175k (as a W-2 employee) from the business he is a partner in.
The girlfriend is a department manager for a manufacturing firm and makes noticeably less.The boyfriend had to be pulled from the loan app because the company change its entity vesting a couple years ago (from an llc to a corp) and therefore the bank sees him as self employed.
He did not qualify for an 80% conventional conforming loan despite his boatload of income and greater boatload of assets.
Thankfully, the girlfriend’s bonus was enough to qualify by herself.
Bottomline, there are programs (of which I am sure HLS is well-versed) but it is really tougher than one might guess for those who are their own boss.
ParticipantBump
I need reviews and comments.My ego is in serious danger of deflating otherwise.
ParticipantBump
I need reviews and comments.My ego is in serious danger of deflating otherwise.
ParticipantBump
I need reviews and comments.My ego is in serious danger of deflating otherwise.
ParticipantBump
I need reviews and comments.My ego is in serious danger of deflating otherwise.
ParticipantBump
I need reviews and comments.My ego is in serious danger of deflating otherwise.
ParticipantOn a more constructive note, what do you see as the primary motivation for holding inventory back?
I am sensing mostly a lack of capacity to handle the load rather than simply manipulation (though that could play a part).
ParticipantOn a more constructive note, what do you see as the primary motivation for holding inventory back?
I am sensing mostly a lack of capacity to handle the load rather than simply manipulation (though that could play a part).
ParticipantOn a more constructive note, what do you see as the primary motivation for holding inventory back?
I am sensing mostly a lack of capacity to handle the load rather than simply manipulation (though that could play a part).
ParticipantOn a more constructive note, what do you see as the primary motivation for holding inventory back?
I am sensing mostly a lack of capacity to handle the load rather than simply manipulation (though that could play a part).
ParticipantOn a more constructive note, what do you see as the primary motivation for holding inventory back?
I am sensing mostly a lack of capacity to handle the load rather than simply manipulation (though that could play a part).
Participant[quote=Allan from Fallbrook] You think this shit is a mess? Wait until you catch a whiff of the biggest unfunded liability on the planet: Medicare and Social Security. You’re talking $80Trn to $100Trn; numbers that absolutely dwarf the present crisis, both in terms of sheer magnitude and societal impact.
[/quote]Your point is well taken but the sheer magnitude of that liability is the kind of thing that begs the question of what will be done.
Obviously, if this expense were to be a catastrophically incurred, monetization (or even just paying out of reserves) would not be an option.
It would require an honest-to-dobbs paradigm shift.
Everyone would have to re-think how best to achieve the intended result.Examples of previous expense-driven innovations:
-Universal health (British post-war)
-The automobile
-the pc
-Home loans of more than 50% LTVI mean once the expense gets too big, the rules just change in a big way.
Participant[quote=Allan from Fallbrook] You think this shit is a mess? Wait until you catch a whiff of the biggest unfunded liability on the planet: Medicare and Social Security. You’re talking $80Trn to $100Trn; numbers that absolutely dwarf the present crisis, both in terms of sheer magnitude and societal impact.
[/quote]Your point is well taken but the sheer magnitude of that liability is the kind of thing that begs the question of what will be done.
Obviously, if this expense were to be a catastrophically incurred, monetization (or even just paying out of reserves) would not be an option.
It would require an honest-to-dobbs paradigm shift.
Everyone would have to re-think how best to achieve the intended result.Examples of previous expense-driven innovations:
-Universal health (British post-war)
-The automobile
-the pc
-Home loans of more than 50% LTVI mean once the expense gets too big, the rules just change in a big way.
Participant[quote=Allan from Fallbrook] You think this shit is a mess? Wait until you catch a whiff of the biggest unfunded liability on the planet: Medicare and Social Security. You’re talking $80Trn to $100Trn; numbers that absolutely dwarf the present crisis, both in terms of sheer magnitude and societal impact.
[/quote]Your point is well taken but the sheer magnitude of that liability is the kind of thing that begs the question of what will be done.
Obviously, if this expense were to be a catastrophically incurred, monetization (or even just paying out of reserves) would not be an option.
It would require an honest-to-dobbs paradigm shift.
Everyone would have to re-think how best to achieve the intended result.Examples of previous expense-driven innovations:
-Universal health (British post-war)
-The automobile
-the pc
-Home loans of more than 50% LTVI mean once the expense gets too big, the rules just change in a big way.
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