Agents Online Real Estate Forums, Discussion, Realtors Marketing Tips

Follow AgentsOnline on Twitter

Click Here to display our logo on your site and link to us!
AgentsOnline Real Estate Discussion Forums Logo

Realtor CommunityA popular online real estate community since 1998!


Advertisements


Sponsored Links
Advertisements
How To Advertise Here
How To Advertise Here

Good Idea!
Realtor Promotion Service

Sponsored Links
(Views)Popular Topics
I MAKE 100 COLD CALLS EVERY DAY & LOVE IT! 28352241
No new orders today 13123526
Stupid MLS comments. 3309940
What do you know about Froy Candelario, top agent in USA 1208008
Stupid QC comments and BPO requirements. 1082632
New HUD Listing Brokers---Any Update? 1043269
Is there religious content in Buffini class? 835781
Let's talk about our cars 681505
Name that Flick. Great movie Lines. 614408
Pay it Forward - BPO/REO Tips & Tricks I & II 603576
Most common items found at an REO 593733
EML 459233
REOTRANS 448882
Main Street 434830
asset val seminar in colorado 415245
assist 2 sell or 1 percent realty? 346843
HOMONYMS - There, Their, and They're 317098
Evalonline 300206
Land America 285053
Mainstreet 261860
Matched Content
Topic Options
Rate This Topic
#458827 - 08/17/17 06:08 PM How does income/debt ratio for agents work?
Aftermath Offline
Member

Registered: 01/08/07
Posts: 104
Loc: Ca
When getting a new loan you are asked for your monthly income and your last 2 paystubs.

How do you do this as an agent without having monthly income or paystubs?


Edited by Aftermath (08/17/17 06:09 PM)

Top
Advertisements
#458829 - 08/17/17 07:05 PM Re: How does income/debt ratio for agents work? [Re: Aftermath]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7766
Loc: Vermont's North-East Kingdom
Your IRS Form 1099s for the past few years will probably suffice.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

Top
#458830 - 08/17/17 09:02 PM Re: How does income/debt ratio for agents work? [Re: Aftermath]
Aftermath Offline
Member

Registered: 01/08/07
Posts: 104
Loc: Ca
Oops this was supposed to go into aspiring agents, sorry.

So, it would be good to try and not making new loans for your first year and use your tax records for the previous year?


Edited by Aftermath (08/17/17 09:05 PM)

Top
#458831 - 08/18/17 04:48 AM Re: How does income/debt ratio for agents work? [Re: Aftermath]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7766
Loc: Vermont's North-East Kingdom
New Agents are already under quite a bit of pressure to perform; and taking on new debt certainly won't help them coup any better.

In their wisdom, Lenders don't consider someone who just changed careers, and hasn't yet proven that they can produce an income in the new career, to be a very good (or even just mediocre) credit risk.

The high failure rate among new Agents has demonstrated that this is sound underwriting judgement, and explains why it's necessary for Aspiring Agents to have their own working capital to finance the career change when outside credit sources won't.

You may find a source for a sub-prime loan, or a small no-documentation personal loan . . . . but these sources usually have usury interest rates associated with them; and often lead to bankruptcy.

Most Agents find it wise to only gamble with their own money; and avoid that unnecessary stress. Besides, you'll have more confidence in your future success than any Lender will (or at least, "you" should).
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

Top
#458857 - 08/21/17 06:48 PM Re: How does income/debt ratio for agents work? [Re: Aftermath]
David Hunter Offline
Major Contributor

Registered: 09/27/05
Posts: 1625
Loc: Cleveland, Ohio
I think anyone who has their own business needs to show about a years worth of income to get a loan.
_________________________
David Hunter | Retired RE Agent |Direct-Response Marketer
www.DukeOfMarketing.com/7-Real-Estate-Marketing-Strategies/
www.TheSaviorsMinistry.org


Top






Google Custom Forum Search

This Google Custom search may do a better job of searching the forums for some keywords than the old forum search does. The results do not include threads from the Asset Managers Forum however. To search that forum you will need to be actually in the Asset Managers Forum and you will need to use the old forum search below.
Search

Newest Members
NYREALTYADVISOR, PamelapJames, hafiz sajid, Ashton MacDonald, Larry Charles
29900 Registered Users
Who's Online
0 registered (), 29 Guests and 4 Spiders online.
Key: Admin, Global Mod, Mod
Shout Box

Top Posters (30 Days)
Long Walk 40
Vermont 23
VABroker 21
estatereal 19
Trouble 14
Lucky Leonardo 11
MissionJoe 8
YM 4 RC&MF LLCs 8
David Hunter 6
TheTexasGal 6
Mr. Clean 6
sualk54 6
Gamin' Agent 5
Nasser 5
Mayra Kelley 4
Featured Member
Registered: Yesterday at
Posts: 1
Facebook

How To Advertise Here


This site presented by RNC Internet Services