Ep. 161 | Mortgages For The Self-Employed - Teaching Tax Flow: The Podcast

Episode Transcript
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John Tripolsky (00:02):
Welcome back to the teaching tax flow podcast,
everybody. Today, episode 161,we are tackling that pesky,
pesky life tax for us that areself employed or something
consider if you're planning ongoing that route in your career,
financing or some call mortgagelending. So we're bringing on a

(00:24):
great guest for this one. We'regonna dive directly into it as
always. But before that, let'stake a brief moment and thank
our episode sponsor.

Ad Read (00:33):
This podcast is brought to you by Strategic Associates.
Are you a high income earner,real estate investor, or
successful entrepreneur who isfrustrated by having to pay
$75,000 or more of annual taxliability? If so, Strategic
Associates can help. Your firststep to saving thousands, if not
hundreds of thousands, is tocontact Roger Roundy at

(00:54):
Roger@StrategicAG.net or bycalling (801) 641-2956, and be
sure to tell them TTF sent you.

Hey, everybody, and welcome back to the Teaching
Tax Flow podcast. I should havesaid that, you know, welcome
back to the the the discussionbecause these are really, really
in-depth conversations that wehave here. But the greatest part
about some of these is you guysdon't have to listen to me a ton
because we bring on thesespecial guests. So not only do
we have my cohost, Chris McEurehere, but we also have a great
guest, which he will introducehere momentarily as we dive into

(01:27):
this one, which I will say this.Even if you're not self
employed, you've seen the title,you've seen the show notes, take
a listen to this because Iguarantee that you thought about
it at one time or another, maybethe, quote, unquote, going out
on your own, and this probablyhas an impact with that.
So, Chris, would you agree withthat or not?

Chris Picciurro, CPA (01:43):
I I agree. I agree. I I think there's a lot
of myths, and there's a there'sa lot of people that are self
employed, out there that feelthat they can't apply for a
mortgage or that they have topay too much tax, or they pay an
extra tax just to feel like theyhave to qualify for a mortgage.
They don't understand howlenders might look at their tax

(02:04):
return. They don't understandthat there are a lot of programs
out there specifically designedfor them, because they're not
quite frankly, they're notworking with the right people.
That's that's the problem.Sometimes they they feel like
they're trying to squid up fit asquare peg in a round hole, and
sometimes you just gotta cut adifferent hole and make sure
that that it fit obviously, wewant people to be acquiring

(02:26):
properties either if it's apersonal residence, a or an
investment property that theycan clearly afford. I just you
know, this just kinda kills me.I I can't tell you how many
times are my currents as well. Ihad, you know, I had these
deductions that I, you know, Ididn't write off, but I just
paid the extra, you know, 5,000,$20,000 of tax for the last few

(02:48):
years just to get approved forthe mortgage.
And I'm thinking, gosh. Therethere's there's gotta be a
better way. So that's was reallythe reason we wanted to have
this podcast episode, mortgagesfor self employed people. That's
why you could be, you know, selfemployed. You could be a partner
in a partnership, an owner of sof an s corp, and we have an

(03:09):
absolutely amazing guest.
You've heard her on our teachingtext to a YouTube channel. She's
a wealth of knowledge and speaksall over the country on these
type of issues. But guess what?We've harassed her enough that
she's gonna join us again. So soexcited to have Parker Barofsky

(03:29):
of Wealth Builders MortgageGroup powered by Movement
Mortgage.
Welcome back to the Teaching TaxFlow podcast, and thank you so
much for joining us.

Parker Borofsky (03:38):
Thank you so much for having me. One of my
favorite podcasts to come on,actually. I love talking to you
guys. You're great.

And that was an unsolicited promotion, by

the way. Parker will give you a $100
later. Well, I love havingParker on. Again, she's awesome
to talk to, very knowledgeable,but what I could tell you if you
you know, for the listeners andthe people watching is just like
in our business, she eats herown cooking. She does I know
you've spoken about real estateinvesting and spoken on property

(04:11):
management.
So you really understand some ofthe some of the trials and
tribulations of someone that'sthat's trying to apply for a
mortgage. Some you know, so wewe've grown a lot. By god's
grace, we've grown a lot oversince you've been a a guest last
time, but can you tell maybe ustell the the the listeners,
watchers how you got into themortgage business and what

(04:35):
interested you in real estate,and then we're gonna talk about
some strategies for selfemployed.

Yeah. Absolutely. I won't go into the
whole story, but essentially soI I grew up in San Antonio,
Texas, and I, after college,landed in timeshare marketing.
Marketing, not sales, verydifferent skill set. I don't
don't have that timeshare salesskill set.
But marketing, I did great. So Itraveled around the country a

(05:00):
little bit with that, and endedup in the Smoky Mountains,
Tennessee. And then when in theSmokies, we purchased a home.
And I had been in Timeshare tenyears, and I just was kinda over
it, ready to do something else.And so when we purchased our
home, I was interested in both.
Like, the finding the house partwas kinda cool and looking at
houses, I enjoyed that. And thenbut also the mortgage part was

(05:23):
kinda interesting too. So Iexpressed my interest to my loan
officer, and she said, okay, butI can't get you an interview
till after closing. I said, fairenough. But what was actually
kind of funny about it was whenI went in for my interview, I
found out that the company I wasapplying for, the mortgage
company, the owner of thatcompany, was the father of a guy

(05:46):
named Dusty Tonkin, who was likefour people from the top at
Wyndham, is where I had worked.
And so I just happened to applyat Dusty's dad's mortgage
company. So it was interesting.Was all kind of full circle. And
so, yeah. So that's how I gotinto mortgages, and man, had I
known what I was getting into.

(06:06):
I wish I had done it ten yearsearlier. So so, yeah. So I
quickly learned. I did all myclasses, all my education, you
have your your DTI ceilings, andyou have all these rules that
you have to learn, take thetest, and then as soon as you
get out into the real world, youquickly learn that these rules
mean nothing. Or very littleanyway.

(06:28):
And so I very quickly learnedthat there's almost always a
solution to every problem, youknow, and different ways to to
do it. And you can get differentanswers from different people
who have had differentexperiences. And I love problem
solving and putting puzzlestogether. So so that's how I
initially got into real estateand and mortgage.

Wow. Yeah. And you are obviously, you and
your team are working with avariety of different people
looking for looking forfinancing. You know, many of
them are self employed, I wouldassume.

Oh, yeah.

And, we talk through maybe some of the
challenges self employed peoplehave, and then talk talk about
what they should be thinkingabout when they're looking for
their first primary or itdoesn't have to be the or your
primary residence before westart talking about investment
properties.

Yeah. Yeah. Absolutely. So I work with I did
quickly segue, as I started mymortgage career, I happened to
segue into the short term rentalindustry and financing a ton of
short term rentals. My husbandand I also own 12, almost 13 of
our own and manage, so we'revery much into that world.
What that has done is it'sreally opened the experience for

(07:47):
me to work with a lot ofcomplicated borrowers.
Typically, investors are havetheir hands in a lot of cookie
jars. So, you know, there aresome that, of course, are your
traditional w two earners, but Ihave so many clients that have I
have one client I'm not kiddingyou, 20 businesses. 20
businesses. That's probably beenmy most complex one yet, but

(08:10):
what's really cool is we solvedit with a very easy loan product
that I'll tell you about here ina minute.
So one thing I've noticed isthat clients come to me all the
time self employed. And one oftwo things, either they're
dreading it, and they don'twanna get me all the
documentation. Totallyunderstand. Or they just don't

(08:32):
think they're gonna qualify. IfI had a dollar for every time a
client came to me and said, Ireally don't think there's
anything you can do for me,situation.
Like, there's so many things outthere, so many different loan
products and ways to look atself employment to qualify
people for mortgages. And so I'mreally excited to share some of
that today. So we've got the,you know, the, you

know, the the way pick a fence kinda easy,
you know, easier. And and and bythe way, I've self employed for
over twenty years. Just mypersonal opinion, I know from
many from a lending standpoint,not you personally. Self
employed people seem to havemore inherent risk than someone
that's a w two at maybe a largecompany, but, you know, you

(09:17):
could always lose your job atthat large company. You you and
and you have no control over it.
Something about being selfemployed and and you've, you
know, I've done a great job,with with your with your
properties and your businesstoo. We're gonna make it work.
We we we will we are problemsolvers, and, they're gonna so
so in some ways, I think thereare less risk. But on paper,

(09:38):
there might be more risk. So wehave those might maybe more
straightforward or easier toqualify people.
What are some of the things,like, as someone that's self
employed, should be thinkingabout or or I should rephrase
this. Let's just get to wherewhat are one or two situations
where you've helped someone thatthey thought there was no way
they're gonna get qualified?Because you did say you you you

(09:58):
found a special program forthem. And and and kinda your
role because I also think somepeople don't understand the
difference between maybe a amortgage company or mortgage
broker or a or maybe someonethat works at a bank. Yep.
Can you kinda help us throughthat a little?

Yeah. So a couple things. So the very first
thing I wanna really stress toeverybody out there is for the
love of God, please do not askchat GPT. And the reason I say
that or or you can ask, andyou're welcome to research, but
these loan products and loanprograms are so specialized to
different companies or brokersthat Chai GPT is only as good as

(10:37):
the knowledge out there on theInternet. Right?
That it can access. And it can'taccess a lot of this
information. So it's gonna scarewhoever. Right? So I think the
first misconception is AGI.
The first misconception is thatwe're looking at AGI. And so I
wanna let everybody out thereknow, at least for the products
that lenders, and typically mostbrokers offer, we're not we

(11:00):
could care less about your AGI.We're gonna dive in and look
specifically at your businessand add back things like
depreciation. Or say, forexample, there's a couple out
there and maybe the wife has wtwo, but the husband has his own
business and it maybe it's thefirst year in business, so he
really did lose a lot of money.Right?
That lowers the AGI. That'sokay. We can always look at just

(11:22):
the wife in that scenario. Soyeah. So AGI really doesn't mean
anything.
Let us get in there and reallypick apart returns. Another
thing is that you have to havetwo years. That's not
necessarily true either. Ifyou've been in business five
years, we can look at your mostrecent year. So if you had a
credit year two years ago,you've been And this is just for

(11:43):
regular conventional loan.
This is just getting readyregular conventional loan. If
you've been in business fiveyears, we just need to look at
the most recent one year taxreturn. That's all we need. We
don't even need p and l's for aconventional loan. There's so
many you know, I think a lot ofself employed that they've been
put through the ringer in thepast, they think they need the p

(12:04):
and l's and the balance sheetsand the two years history and
all that.
And so even with just aconventional loan, there is
hope. Now we mentioned thedifference between brokers and
lenders and banks. So here'sanother kind of cool thing too.
As a lender, and mostly as abroker too, we're not making a

(12:26):
judgment call. We have differentprograms and different products,
and we're just fitting yoursituation into the guidelines.
And if your situation fits oneway or another, sometimes a
little tighter than others, Butif your situation fits, it
works. Versus a lot of times, ifyou're going to a local bank or
credit union, they're actuallygonna hold your loan on their

(12:47):
books. And so they're the onesthat are making a judgment call
in most cases versus does it fitthe guidelines. So it's a little
bit of a difference. Now as faras a broker versus lender goes.
So I choose to work for alender, which means we
underwrite in house, and we fundat closing. We're not a third

(13:08):
party. Brokers are a thirdparty. So they go in between the
client and the actual lender. Icould open my own brokerage, but
MVMT's been great about gettingthe products and programs that I
need for my clients.
And not only that, MVMT is sobig. It sells in in volume,

(13:28):
which means we're also haveaccess to better rates than
maybe I would at a smallerbroker shop. So that's why I
stick with MVMT. As long as theykeep getting me what I need for
my clients Right. I'm good.
Right.

Right. No. I get you.

Yeah.

So is there a so what would hap I
mean, is there a situation wheresomeone let's say they've been
in they've been in an employeerole for a long I'm gonna give
you an example. This might be aI mean, a medical doctor
probably isn't the I'm surethere's special programs for for
medical doctors and and stuff.But let's say someone is a yeah.

(14:07):
Let's just say someone's adoctor. Okay?
And they've been with thehospital system for, you know,
fifteen years, and and thehospital system has changed
hands, and they're determiningthat now the person's gonna be
an independent contractor, andthey're gonna receive a $10.99.
You might be listening to thething. Uh-oh. We've got don't
worry. We've got a wholeepisode.

(14:27):
I had independent contractor forsome play classification. But
let's just pretend they'regetting moved over. Same
person's paying them. But nowthis person's kinda worried
because they're gonna receive aten ninety nine instead of this
w two, and technically, they'reself employed. From a lending
standpoint, is that whatconcerns should are valid for
them, and should they have havethose concerns?

Yeah. Great question. So this is where the
guidelines come into play.

Okay.

And for and this is where a conventional
loan wouldn't work. So Fannieand Freddie, they just they
don't issue exceptions. We can'task them for a favor. We can't
say, hey. This makes sense.
They're like, guidelines. Sothat's where the non q m world
comes in, which is a beautifulplace for self employed. So with
the non q m loans, then we havesome flexibility. And I've

(15:14):
actually had that situation morethan once that happens. And so
what I've what we've been ableto do then is get the, you know,
past employment history, even ifg I mean, fifteen years is
fantastic.
But even if it were, you know, afew years, and then we show the
contract, the $10.99 contract.And then we also sometimes will
reach out to the CPA or getverification from the hospital

(15:37):
that they're covering, you know,their malpractice insurance and
so forth. In other words toshow, hey, they're getting paid
this way now, but they're notgonna have expenses like office
expenses, and and those sort ofthings that go with it. Because
that's typically the concernabout self employed is when they
when they're newly selfemployed. Well, number one, it's

(15:59):
how much income are they gonnagenerate?
Right?

Right.

And number two, it's well, how much in expenses
are they gonna have?

For sure.

So when we have a situation like this with a
doctor, that has been fairlyeasy to overcome and to get
exceptions criteria.

That and you mentioned something really
interesting. Well, thank you forthat about self employed people.
You mentioned that depreciationgets added back. Now we Mhmm.
And with the passing of one bigbeautiful bill act, o b three,
bonus appreciation is now a100%, which is great from a tax
perspective for business owners.
Let's say you're a farmer oryou're a you you buy a piece of

(16:36):
machinery or a very a very heavyvehicle. Tax wise, you get a
huge tax deduction in in thatyear. From a banking standpoint,
sometimes if some flightperson's saying, well, my AGI or
adjusted gross income, my what'son my tax return? That number is
so small. Explain to someonethat doesn't necessarily
understand that what an add backis and and why depreciation, you

(17:00):
know, kinda how that how thatworks?

Yeah. Totally. So I don't think I've ever
looked at anybody's AGI ever.Mhmm. And so what we'll do is
we'll go to whether if it's aschedule c, or I think schedule
f if it's farming, or an s corp.
So what we'll do, let's justtake a schedule c for example.
So we'll go to schedule c, lookat the net on there. So that's

(17:24):
the number after deductions. Andthen we'll look at the
depreciation line. And whateveris in that depreciation line,
we're gonna add back to thatincome.
So if it's showing negative50,000 as net income, but there
is a 150,000 written off indepreciation for large
equipment. We're gonna add that.Now you're gonna have positive

(17:45):
100 that we can use for lendingcalculation.

Right. Yep. And and that would be and
that does that fall into the nonQM or non right?

That's for all all of the above all programs.
We'll add that.

Oh, all programs. Okay. Cool.

Yeah. Conventional as well.

Yeah. Conventional. Yes. Now and then
you also mentioned, obviously,are there programs that that can
help a self employed person thatthat's really based on their
sales and not necessarily theirnet income in other ways? And
could can I touch on on that ormaybe really obviously, not
gonna use anyone's names, butany case studies or any type of

(18:26):
stories you have?

Absolute oh, a ton of them. Yes. So so my
favorite non QM loans for selfemployed involves those where we
don't even need your taxreturns. We don't want your tax
returns. We don't need your taxreturns.
So there's two. There's the bankstatement loan program. This
one's really cool, because whatwe'll do is we'll take we'll ask

(18:49):
you for your most recent twelvemonths of business bank
statements.

We're gonna

look at all the revenue, the incoming revenue.
We'll back out anything that waslike a transfer from another
account or something that's notactually revenue. But we're
gonna take all your incomingrevenue for twelve months. We're
gonna just hit it with anautomated 50% expense ratio in
most cases. There's some othercases where we can do lower
expense ratios, but the easy oneis just the blanket 50%.

(19:15):
Here's a really cool story aboutthat. That actually, that same
client I told you that has 20business. He has a really good
CPA. It might have even beenyou.

Leave you at one.

This particular client actually is very heavy
daycare, like all over thecountry.

Okay.

And so on paper, when I did all of my
calculations and added back hisw two that he pays himself and
depreciation, he was still likenegative $3,000 per month. So I
said, well, hey, how much doesthis and remember he has 20
businesses. And I said, how muchdoes your highest grossing
business bring in in a year? Andhe said, well, 3,000,000. I
said, done.

(19:55):
Forget about the other 19. Getme your twelve months business
bank statements with this$3,000,000 in revenue, which he
did. So we counted that up, hitit with 50%. We were able to
qualify him using $1,500,000 inincome. Wow.
And so I was like, go buy. So heactually purchased a $2,300,000
property, 10% down, usingbusiness bank statements.

Wow.

So that's yeah. That was a really good example.

So that brings me so what about you talk
kind of about down payment rangein the in what you need on a
more typical mortgage andbecause 10% down I mean, 10% of
over $2,000,000 is a significantamount. It definitely shows that
he has some capital and someskin in the game. But what are,
you know, what are if if you'reself employed, what are the

(20:44):
other than the obvious of themore money you put down, the
less mortgage you have. But whenyou're self employed, sometimes
you have that scarcity feelthat, like, oh my gosh. I don't
have a guaranteed paycheckcoming, so I wanna keep some
cash available for my business.
So when it comes to downpayment, what is a healthy range

(21:05):
you like to look for, and whatare some of the the things
you're when when because whenyou're consulting with a a
business owner, that they shouldconsider.

Yeah. Now if if it's a situation where we can
fit it into a conventional loan,then there's possibility we can
do as little as 3% down with aconventional Fannie Mae, Freddie
Mac If we have to go into someof the non QM type loans, you're
probably looking at anywherebetween at least 10%, ten,

(21:34):
fifteen, or 20% is where that'sgonna go. I mean, we can
absolutely do 10% down on onmost of those non QM primary
homes, but a little bit morethan the conventional allows
for.

Mhmm. I wanna wrap up some with with
kind of a a an inter a differentquestion. We've talked about
primary home purchases. I knowyou came from the STR space, but
you help people, you know, youhelp people with any type of any
type of situation. When youknow, sometimes self employed
people, they realize, gosh.

(22:08):
You know, I'm I'm a plumber. I'ma, you know, and my back can
only take it for so long. I'mprobably at that age too if I
was in manual labor. I'm lookingto buy some investment
properties. Could be long termrental, short term rental.
At what point you know? And andI've seen it where someone might
say, well, I'm gonna buy this asa second home to start, and
maybe I might rent it out in thefuture, etcetera, etcetera. But

(22:31):
at what point can someone countpotential rent from a property
when considering thatacquisition?

Great question. So if they're purchasing if
they're purchasing as a secondhome

Mhmm.

And not use any projected rents

Ad Read (22:48):
Right.

On the property. But if they are
purchasing as investmentoccupancy, if if we need to,
then we can use projected rentsto help offset income ratio
where necessary. Yeah.Absolutely. And then once you
have investment properties asyou're building out a portfolio,
there are ways, again, otherthan tax returns to count net

(23:09):
revenue.
So we have a few non QMproducts, which are awesome,
that we can just do a twelvemonth gross rent slip back.

Nice.

Yes. I have a client today actually, where
they've got five short termrentals. One of them they just
got online last year, but it'sgot like a $10,000 mortgage
payment. They're like, oh my,number one, my taxes aren't
done. But number two, even ifthey were, we just got it going
in November.
So there's nothing to show forthat. And I said, that's fine.
What have your your well, elevenmonths, because we're not quite

(23:38):
at November. What have youreleven months gross rents been?
And they were like, 200,000.
So, yes, I got that for all fiveof the properties. Wow. I didn't
even need to use a w two incomeat that point. So, yeah. So
pretty cool stuff.
Yes. Oh.

That's like, it's that's sweet. Oh, go
ahead. I'm sorry.

I was gonna say, we can't forget the $10.99
loan.

That's the one I wanted to hit on also. Was
it's funny. I wrote that downhere. Yes.

Yes. So the $10.99 loan is really cool,
especially for the, like, realestate agents. So I have a
client right now, she's tryingto do this DSCR loan, 20% down,
really high interest rate at afive year prepay, which by the
way, I wouldn't recommendanybody do a three to five year
prepayment penalty right now.Just my little throwing that out

(24:26):
there. So but, yeah, she's doingthis.
It had like a nine and a halfpercent interest rate. It was
not a great loan. And I said,well, how much did you earn last
year? And I think she was closeto 400,000. And I said, well,
wait.
On the $10.99 loan, we can takethe $10.99, do a 10% expense
ratio haircut, and call it aday. And I said, she only had

(24:48):
two other properties. One we hadrental income on, the other was
her primary home. So she totallyqualified with that. So then we
were able to do a 15% downsecond home loan in her case
versus this crazy 20% down DSCR.
So

So for her situation, she has this $10.99.
She's a realtor, earns hercommissions. Let's say it's
400,000. You allocate 10%, soshe's at $3.60, and then you
deduct, you know, whatever herDTI or her or deduction or her
her obligations are, I would asyou would say, and got her

(25:27):
qualified, and she had the 15%down. And and it's a path of
least resistance as opposed tothat DSCR loan.
And and I will admit, I I gotstung on a DSCR prepayment
because we we made a baddecision on a property, and we
thought about it. And we said,I'm ready. It is what it is.
We're gonna sell it a littleearlier than we thought, and it

(25:47):
was a great way to learn. So youmentioned DSCR.
Even though it might not be thebest option, someone might be
listening to this podcast forthe first time. What is what is
what is that type of product?

So DSCR is debt service coverage ratio. And with
that and it's good for somepeople. There are some people
who really do So need if there'sjust really no way to qualify
you on a debt to income ratiobasis, then the DSCR loan is
based just on your credit andyour assets, your cash to close,
and then the potential or theprojected rents of the property

(26:23):
you're purchasing. So as long asthose projected rents are equal
to or greater than that monthlypayment, then Right. It will
typically qualify.
So that that's what the DSCR is.

And is that a product that usually is
associated with short termrentals just because of the the
income associated and or is itcould it be for any type of I
mean, could you use it for aduplex, or is it go up to, like,
a four unit? You know? Becauseat some point, you're multi, you
know, apartment building.

Something like that. Yes. You can do that up to
a four unit. And, yeah, itoriginally started with long
term rents, and you can stilluse it for long term rents, and
then it evolved into also theshort term rents as well. Yep.

Awesome. Mhmm. Awesome. Is there, like, a
minimum on those type of ofloans?

Or Typically, they're minimum 100,000, yeah,
on those. I never say never. I'msure if somebody looked hard
enough, they could find one.They're a 100. But yeah.
But yeah.

You gotta look at the fee. Yeah. No. I'm
just thinking, I mean, that I'veseen those kinda tail off a
little It is a it is a goodoption as not a plan a as a as a
maybe a plan b or c. So

Yeah. Totally. And I and I keep trying to tell
my clients with these prepaidpenalties. They're like, oh,
yeah. We're gonna hold on to theproperty for that.
You know? And I'm like, okay.First of all, I know you guys
out there. All of us short termrental investors are ADHD. I'm
sorry.
I'm one of you too. Right? Andso right now, it sounds like a
good idea until you see the nextshiny object out there, and then

(27:54):
you may wanna sell and go buyit. So three to five years,
that's a long time to becommitted, and not be able to
refinance or sell, you know. Sothe DSCRs I've done for clients
lately, really have urged themto do a one year, which the
rates are still very good onthat.
But twelve months, I thinkanybody can kinda figure out.
Right?

But Sure.

But yeah. So for what it's worth. Wow.

No. That's pretty that's cool. I well, I
appreciate this. I always learnwhenever you're on this podcast.
Even though I can you know, I'minvolved indirectly in in the
tax part of it and working withpretty much all of our private
CPA firm clients are in the realestate business or self employed
in some way, shape, or form.
So but I yeah. I learned a lot,and and then that whole the
$10.99 loan is really in a greatoption for people. You know,

(28:45):
it's it's it's, know, in in it'snice to you know, it's one of
the benefits with you of gettinga $10.99. Right? That's the
other thing.
We gotta say, if you can run itif you run-in a situation where
you're you have income andyou're not receiving the $10.99,
I guess you can go with the bankstatement loan or request a
$10.99.

Mhmm. So Yeah. Joel, and it's so much easier
because the again, with the tenninety nine loans, we don't want
your tax return. We don't wantyour tax returns. We don't want
your tax transcripts.
We'll get ten ninety ninetranscripts. And then, you know,
we'll need to know, hey. Wherewhere are you at year to date?
Would have you been paid so far?But other than that, I mean,
it's very straightforward.

Oh, that's awesome. Mhmm. John, you ready
to go out and buy another housenow?

Yeah, man. Load it up. No. I gotta I gotta wish
list. As long as you know what?
I would say as long as I stayoff my wife's Pinterest board.
Now I'm sounding like I'm agingmyself. At least I didn't say
MySpace here. But, really, as wewrap this too, I mean, kinda
going back to the beginning. Andand while you guys were
chatting, obviously, I'm writingdown things.
And then, actually, Parker, Iwas going back and looking at

(29:46):
some of the previous recordingsthat me and you have done on on
specific topics. And reallylooking at the beginning of this
podcast when we hit record untilnow. Right? I can kind of create
a timeline for everybody really,really quick. The way I I saw
this is we started off, right,talking about finding the right
person.
And then we mentioned thatthere's a product for everybody,
which I think we touched on aton of different options.

(30:09):
Everybody. 99.92% of people,there's something for. But then
really, as we just mentionedtoo, think he he added a couple
times in there is, where elseare you gonna find somebody that
wants to lend you money thatsays, nope. We don't want your
tax returns.
Right? You almost feel like youhave to show your returns and
you go buy groceries half thetime. And here we are talking

(30:30):
about buying buying a pro youknow, buying a property. So it's
awesome that, hey. You have theexperience in that too, and I
love how you said that youreally don't want to have a
brokerage.
What was that kind of what yousay? You're like, I'm good where
we're at. We already have thesolutions, and that's awesome.
Yeah. So really by somebodyworking with you and, you know,
having a great tax professionalwhom whomever they go with,

(30:51):
building those right connectionsgoes a lot further than, you
know, just clicking somebody.
Oh, I found this person onGoogle. They're around the
corner from me. Yep. I'm gonnacall them. You know, they might
not special.
They might be great in one area,but they might not specialize in
something else. So we're talkingabout some pretty specific here.
So I appreciate that.

Absolutely. And if they do accidentally end up
with that person and they needhelp or they get stuck, I'll
take you in. Come on over.

Well and and, you know, we we really
appreciate it. I know Parker andher team do an amazing job. I'm
not and I know that what Iagain, what I said in the
beginning, what I love about youand your team, you eat your own
cooking. You know, you've got toyeah. It's you've you've got you
really understand what the whatthe other side's going through,

(31:39):
and you and and that goes a longway, you know, just like just
like in anywhere in life.
So Yeah. So yeah.

Yep. It's it's we we great too. I mean, that's
how we connected the first timewas I had a a client, and
there's a discrepancy on his taxreturn. Not a discrepancy, but I
needed a clarification. Reachedout to you guys, and you guys
were great about, like,communication and working
through it.
And you understood also the, youknow, the lending goal. And so

(32:10):
really great to have partnerslike you guys as well.

Well, thank you. We appreciate it, and
I'm sure we'll get you back. Andlike I said, John John
mentioned, trust me, it's nottime it's rather, it's time well
spent. Parker's got a we we'vewe've we've, you know, coerced
her into giving us some reallygood content on the teaching
text. So YouTube channel, but itis so helpful.

(32:33):
And

Yeah. We kinda weed through all the all the the
clouds out there and make senseof something so simple. And
plus, if you get on there andyou subscribe to the channel for
anybody that's listening tothis, subscribe to the channel.
We'll put the links directly inthe show notes that goes to that
playlist. And then you can hearme flap more crap out of my
mouth that makes no sense.
And then Parker saying, you knowwhat? It's a good idea. That's a
bad idea. Let's talk aboutsomething that is realistic. And

(32:58):
we had some really good topics.

What was one of them? I won't say what it
is, but it was like WTF.

Oh. That's what

DTI. Think it is.

Amazing. So if anybody's interested in
that, check it out.

And if you know what WTF means, you'll really
won't be surprised. But, anywayswell, Chris, I like what you
said. Parker, thank you so muchagain for joining us. Thanks for
coming back. We must have nothave been too crazy.
I say us, me. You deal with me.So thank you. We appreciate your
time.

Great.

Awesome. Awesome. And thank you everybody
for jumping into this. Hop out acouple things. Again, show
notes.
There's some links down therefor you. Get on to
feedingtaxes.com, privateFacebook group you are invited
to. Free access. We we will notask you for your tax returns to
join that group. I promise.
Do that. Follow the other links.Subscribe to the YouTube
channel, and check out thatplaylist we mentioned too that

(33:47):
we've been working with Parkeron, and we're gonna keep growing
that as well. So, everybody, youhave a great week. And we're
going see you back here again onthe Teaching Tax Flow podcast
next week.
Same day of the week, differentdate, completely different
topic. See everybody soon.

Disclaimer (34:07):
We encourage you to seek personalized investment
advice from your financialprofessional. For all tax and
legal advice, please consultyour CPA or attorney. Investment
advisory services are offeredthrough Cabin Advisors,
investment advisor. Securitiesare offered through Cabin
Securities, a registered brokerdealer. The content of this
podcast does not constitute anoffer of securities. Offerings
can only be made through anoffering memorandum, and you

(34:29):
should carefully examine therisk factors and other
information contained in thememorandum.

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Ep. 161 | Mortgages For The Self-Employed

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.css-14f5ked{margin:0;word-break:break-word;display:-webkit-box;-webkit-box-orient:vertical;box-orient:vertical;-webkit-line-clamp:2;overflow:hidden;}Ep. 161 | Mortgages For The Self-Employed