3 ms·
I'm hoping to do this by the end of the year or soon thereafter, just so I can start working on being an employee (W-2) of my own company. My motivation was li
by fencepost 13y ago
I'm hoping to do this by the end of the year or soon thereafter, just so I can start working on being an employee (W-2) of my own company.
My motivation was listening to Gina Trapani (of Lifehacker, etc.) talk on the In Beta podcast (http://5by5.tv/inbeta/73 http://5by5.tv/inbeta/73) about how she and her partner in applying for a mortgage basically were having to leave out Gina's income because as a self-employed and 1099 contractor with multiple revenue streams her "career" is too complicated in ways that banks are just going to ignore/reject anyway.
I consider myself lucky in that I bought my home (and signed my mortgage) in the waning days of my time at a midsize company, but I don't expect to live here forever and with the way banking changed after 2008 I'm sure I'd have a very hard time getting a mortgage now even if I was putting down 50% of the purchase price up front.
- blisterpeanuts 13y agoI went through that same thing -- managed to schlock through a mortgage just as a contract was ending and I was going back to school. I've never missed a payment or given the lender any reason to regret lending me the money - but had I applied a month later, they would have turned me down. I realize now that an elegant way to handle this type of situation is through an LLC where my annual income is a separate fact from the on-and-off-again nature of contract tech work.