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In the latest episode of the Straight Up Chicago Investor Podcast, guest Eric Workman provides a wealth of knowledge on navigating lending options for self-employed individuals diving into real estate ventures. Here’s a breakdown of the key takeaways from this insightful discussion:
Experience, Credit Score, and Liquidity: The Triad of Lending Considerations
For self-employed individuals eyeing lending opportunities, Eric Workman underscores three critical elements that lenders scrutinize: experience, credit score, and liquidity. Experience isn’t merely about time served but rather a proven track record of successful projects. A solid credit score signals fiscal responsibility, while liquidity—having ample cash or financial resources—strengthens loan applications.
Navigating Unconventional Income Streams
Eric sheds light on the realities of real estate investors and self-employed individuals whose tax returns might show losses. He reassures that while a low debt-to-income ratio isn’t a deal-breaker, demonstrating the ability to afford loan payments remains paramount. He encourages young aspirants to build credit early, citing personal anecdotes and emphasizing the importance of fiscal prudence.
Balancing Stability and Entrepreneurship
Maintaining a stable job while venturing into real estate investment emerges as a recurring theme. Eric emphasizes the significance of predictable income in avoiding hasty decisions and underscores the attractiveness of full-time employment to lenders. He shares inspiring anecdotes of individuals who successfully balanced traditional employment with real estate pursuits, illustrating the symbiotic relationship between stability and entrepreneurship.
Community and Collaboration: Building Bridges for Success
In the spirit of community engagement, Eric Workman promotes various businesses and platforms. He invites listeners to explore opportunities and underscores the importance of networking and collaboration in navigating the dynamic landscape of real estate investment.
As the episode concludes, listeners are invited to tap into the expertise of Eric Workman and the Straight Up Chicago Investor Brokers team for guidance and support in their real estate endeavors.
Watch Straight Up Chicago Investor Podcast Episode 255 in Full Here
Show Notes:
What are my lending options if I do not have a W2?
Connect with Mark and Tom: StraightUpChicagoInvestor.com
Email the Show: StraightUpChicagoInvestor@gmail.com
Guest: Eric Workman, Renovo Financial
Link: Episode 19: Top 10 Mistakes We See From Chicago Investors - with Eric Workman of Renovo Financial (Part 2)
Chicago Investor Resources Shared
What You Must Know About Renting Your Property In Schaumburg
Survival Guide For Self Managers - 15 Tips Chicago Landlords Must Know(Especially House Hackers)
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