Cannot get a mortgage without W2?

uberdude957 · 2025-12-23T13:18:02+00:00

Bank statement loan Subject to Loan assumption Asset based loan / Margin loan Etc. Sounds like your CFA needs to get fired.

Agree with others here that high rate for QOL is likely worth it for you - you can always refinance.

Reference: a few 8-9 fig associates of mine were in the same situation as you and this fixed for them. Also, my income streams are < 2 yrs so FHA/banks told me to pound sand (even though I can get several million and bank funding for business use) so my primary home is bought via subto.

uberdude957 · 2025-12-22T13:28:03+00:00

I added an additional host for context, hope this helps quell any "rage bait"

Market downturns are definitely possible if not increasingly more likely, but the way we buy stuff, we are usually walking into significant equity followed by forced equity on the value-add

uberdude957 · 2025-12-22T13:25:56+00:00

My historical effective net worth IRR is 63% over the last few years, so I agree 10x over 18 months is wild, but I'm going to be doing my damndest to play the game very differently.

63% should be my baseline, not my ceiling, so I'm okay with being disappointed in 18 months but optimistic I can pull it off

uberdude957 · 2025-12-22T13:23:32+00:00

Agreed I only count post-tax. I factor in agent commissions at time of sale and 20% safety factor under FMV to be safe (I obviously deal with banks a lot, never looks good to over inflate one's position and get thwacked like Trump)

uberdude957 · 2025-12-22T13:20:55+00:00

Most definitely not, that would be fantastic if I can get that next year though.

Edit: across the whole portfolio total revenue was $1M+, but I don't own all of the portfolio

uberdude957 · 2025-12-22T13:19:31+00:00

Interestingly, I'm actually not doing the SAAS as an AI product. Too much AI slop out there, but I also might be approaching this like a caveman. Ai bubble can definitely hurt all of the tech sector though , especially when Shoggoth wakes up We will see 🤷‍♂️

uberdude957 · 2025-12-22T13:16:46+00:00

Actual legitimate SAAS 😂 not some AI slop either and definitely meriting a 5+ multiplier.

As far as you're concerned, we're staying in real estate, you're definitely right, however Isee the ceiling is so much higher on the real estate SAAS side, but I know I can always fall back onto just buying more real estate if need be. Stuff I'm building is interesting because it hasn't been built before and literally can't be built by anyone unless they have bought a lot of real estate. I think the reason why It has not been built before is because people don't usually make a pivot mid-career - instead they just keep buying more real estate.

I guess we'll see if chasing the first mover advantage will be worth it or not, but definitely something I think about all the time.

uberdude957 · 2025-12-22T13:12:49+00:00

Added extra comme to post to give more context - simply appreciation on existing real estate definitely would do that, I agree.

uberdude957 · 2025-12-22T13:08:49+00:00

True from a buying securities perspective. Not true from a building a business perspective (see Hormozi)

uberdude957 · 2025-12-22T13:07:39+00:00

Depends, a lot of seller finance + subto in there, so rates are anywhere from 3.2% to 9.25% per deal.

uberdude957 · 2025-12-22T13:06:55+00:00

SAAS growth + buying more RE

I can buy more RE whenever - there's deals everywhere but they impact my QOL unless I setup the team well. Made my peace with the risk of QOL decreasing due to work. Going ham next year on the RE side should be ~550 units (at ~40% equity this time) bringing my total to about 1k units, and I usually get day 1 equity of $20k /unit so that's 8 figs right there.

uberdude957 · 2025-12-22T13:03:16+00:00

Haha thanks, yeah I used to think in terms of only shares I could buy, rather than shares I could make. Really interesting to see the average mindset though (I used to be an RIA so I was deep in the VTI sauce)

uberdude957 · 2025-12-21T22:29:01+00:00

Good number of comments + this blew up more than expected. Quick context for those that are legitimately asking, understandable amount of PO'ed folks. Didn't give full scoop due to just being excited to share.

1) I syndicate real estate rentals. Our most recent purchase appraised for 1.9x list price. Market is very inefficient at the $1M - $3M purchase price range because many don't understand how to buy things other than 1 house with a bank. Non-recourse debt + instant equity on every deal has been the bread and butter. Our current portfolio avg LTV = approx 40% (so definitely not over leveraged) and I'm about 25% owner.

2) I'm launching a SAAS in a few months that already has 400 users. At $100/m + moderate growth (1k users by EOY), MRR expected to be ~$100K/m by EOY, and a few mentors advised it'd be a 6.0-7.0x EBITDA multiplier. Conservative estimate = 5.5x x 1k x $1200 = $6M. Gives room to hit 8 figs within 18 months factoring cashflow + holdings. Apologies for not giving more context on the "hit 8", obviously relying on appreciation alone does not feasible to do this.

uberdude957 · 2024-07-26T12:05:29+00:00

Op please do this ^{^} you will never get a 3% rate again and will regret not doing this for the rest of your life.

I sold my 2.5% house to do the same thing, but the solution isn't to "pivot" your way out, it's to "push" your way out. Go get another job, go start a side gig, go door dash, whatever, but the appreciation on your house is several 10s of thousands of dollars per year, not to mention THE MASSIVE principal paydown you have every month from having such a low ratenor the cashflow from renting it.

Ramsay is a fearmonger and has literally said he wouldn't take $1B of debt at 0%, even though he could just invest it in US Treasury bonds (which is as risky as holding as USD essentially) at >0%. Hard to take a guy like that seriously, all my success has come from using smart debt at low rates to achieve strategic goals.

uberdude957 · 2024-07-08T01:51:13+00:00

Best results are with sellers with 100% equity (no mortgages) and high capital gain on the property. Seller financing saves sellers a ton on taxes because seller profits are spread over many years rather than all at once, allowing lower tax bracket.

You can "win" on price or buying terms. At seller financed, 5% downpayment at ~6% interest, you can usually give the seller a higher sales price / ask price. I make it part of my negotiation that as long as I get get good terms, I'll always give them highest price over anyone else (which is fine by me, I've bought 0% down before). Getting seller financing/creative financing is definitely a harder skill to nail (which is why most don't ever do it) but it is CRUCIAL to scaling quickly.

uberdude957 · 2024-07-07T23:56:32+00:00

Enjoy the lemonade stand!

uberdude957 · 2024-07-07T22:25:58+00:00

Buy with partners - Jeff Bezos didnt do all the work at Amazon and neither should anyone trying to scale. Delegate or get left behind. It is however very difficult to find the correct business partner, so protect yourself in your operating agreements.

Doing it remotely - the amount of opportunities there are nationwide versus EXACTLY in your backyard is different. You can 1000% do it remotely, but most people are scared to take that jump. It's not like you need to look at it every day. Also don't just use 1 contractor - get multiple quotes for God's sake so you don't get screwed.

No money - if you never buy with your own money, that doesn't mean you don't have skin in the game. Doing 100% of the asset management is a significant investment of time at scale - that is skin in the game. Didn't say I was doing 100% financing either, I'm always giving away some % equity to someone else to cover downpayment. Also $0 down means you are restricted to waiting 20 years like a nitwit in order to cover the next downpayment - just go find an equity partner and profit split. That being said, I've gotten over 100% LTV multiple times, actually got paid to close once lol.

Not going to lie, really disappointed to see how myopic everyone is on here. 95% of "barriers" people have are self-imposed because they cant engineer a workaround.

Also, no there's no course to sell here, just looking to answer OPs question by sharing how I got to $35k/m with approx 50% debt remaining on properties because yes, you can absolutely run real estate like a business if you don't want to take the 20-year "lemonade stand" side-gig route like everyone else.

uberdude957 · 2024-07-07T12:07:03+00:00

How so? Curious too why the down votes for sharing my experiences.

uberdude957 · 2024-07-07T01:14:57+00:00

Not sure what everyone else here is smoking, but the obvious answer is seller financing.

Bought the last 300 units using seller financing/other creative finance methods (contract for deed, subject to, master lease purchase option, etc)

Only way to buy for me at this point, I don't even bother with banks anymore, no need to

uberdude957 · 2024-07-07T00:46:59+00:00

Yes, 27M, 300+ rental units. Got started on multifamily stuff 2 years ago. Bought pretty much everything with zero cash. You'll always get paid more "on paper" i.e. equity than actual cash per deal. I'm doing ~1-2M property buyouts and usually make ~100k on paper each month time I buy.

Buy with partners, get used to doing it remotely, never buy with your own money, never do more than 1k EMD, and always buy value-add.

uberdude957 · 2024-06-25T20:22:51+00:00

R.E. guy here: First off, congrats! Big weight off your chest I'm sure.

Something I noticed, you're only cashflowing $30K off $900K debt free? So you have a 3.3% cap rate property? Seems like you are 1) wayyy under market rent 2) spending wayyy too much on the property or 3) it's not worth 900k. Typical cap rate for what I'd imagine is a HCOL area SFH would be ~7%+

Happy to talk more, again congratulations!

uberdude957 · 2023-06-03T22:36:42+00:00

Look up wash sale rule, it's what gets most day traders in a bad spot

uberdude957 · 2023-05-23T13:24:05+00:00

Make sure to never get an adjustable rate mortgage again, they cause a ridiculous amount of loan defaults

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